Crusoe develops and operates data centers for AI workloads, leasing space to customers who bring their own GPUs, renting out its own GPUs, and selling compute power for running AI models. The company also manufactures modular, truck-transportable data centers called Spark that can be deployed quickly near large power sources. Customers include Meta, Microsoft, and Oracle, and the company recently signed a reported $13 billion, five-year cloud contract with quantitative trading firm Jane Street.
Co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners; also participating: Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG.
The round values Crusoe at $30.9 billion, up from $10 billion just 10 months ago, making it one of the most rapidly appreciating AI infrastructure companies on record and setting a new valuation benchmark for the sector. The participation of Nvidia, sovereign funds GIC and QIA, and TPG alongside traditional venture capital signals broad institutional conviction in vertically integrated AI compute providers. Crusoe's modular Spark data centers also represent a specific technology bet that smaller, relocatable facilities can bypass both the construction bottlenecks and community opposition slowing traditional large-scale data center development.