Crusoe raises $3B at $30B valuation after landing $13B Jane Street deal

Crusoe has just pulled in more than $3 billion at a roughly $30 billion valuation, a huge jump from the about $10 billion mark it hit in October 2025. Atreides Management and Valor Equity Partners led the round, with Mubadala Capital also in the mix. The company is now sitting in rare company among private AI infrastructure firms, and the speed of the rerating says as much about investor appetite as it does about Crusoe itself.

The backstory is still unusual. Crusoe started in 2018 by capturing wasted natural gas from oil fields and turning that energy into power for portable data centres. It later sold off its bitcoin mining unit to NYDIG in early 2025 and shifted toward full AI campuses, including the Abilene, Texas site built for OpenAI and Oracle as part of Stargate. That is a long way from crypto rigs in the middle of nowhere.

The new money appears tied to a very specific piece of business. Bloomberg reported that Crusoe landed a $13 billion, five-year contract with Jane Street to supply GPUs and AI infrastructure through Crusoe Cloud, and that deal reportedly helped bring in more investors. That matters because Crusoe is no longer just selling clever energy engineering. It is selling compute, and that puts it in direct competition with CoreWeave, Nebius, and Lambda.

There’s also a public-market smell around this round. Axios said Crusoe has already met with JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America about a near-term listing. Nothing is confirmed, but the sequence is hard to ignore: fresh capital, a giant contract, bank meetings, then a valuation that has tripled in ten months. The company has not said exactly what the new money will fund beyond continuing the build-out, which leaves the obvious question hanging over all of it: can Crusoe deliver data centres as fast as it can sign contracts?