Crusoe reportedly raises $3B at a $30B valuation

Crusoe has reportedly pulled in a fresh $3 billion at a $30 billion valuation, a big jump for a company that only raised $1.38 billion at a $10 billion valuation last October. Bloomberg reported the new round, which underscores how hot the AI infrastructure market still is for companies that can sell both power and compute.

The funding is said to be co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital also in the mix. That means Crusoe is not just attracting familiar growth investors; it’s pulling in money tied to Abu Dhabi’s sovereign wealth complex too.

The company’s timing is especially interesting. Crusoe recently signed a $13 billion, five-year cloud contract with Jane Street to provide GPUs and AI infrastructure, according to Bloomberg. That is not a side hustle. It is the kind of customer commitment that helps explain why investors are willing to keep writing very large checks.

Crusoe’s path here has been a strange one, and a profitable one if this pricing holds. It launched in 2018 as a crypto mining operation using flared natural gas, then pivoted into AI infrastructure and cloud services. Today it is known for building hyperscale data center campuses for customers including Oracle and OpenAI, and it also counts Meta, Microsoft, and OpenAI among its customers.

And the company may not be done yet. Axios reported last month that Crusoe had met with investment bankers, including Goldman Sachs and Morgan Stanley, about a possible near-term IPO. For a business that started by mining crypto on wasted gas, that is quite the exit ramp.