Crusoe Raises $3.9B at $30.9B Valuation as Jane Street Deal and IPO Talks Emerge
Crusoe announced the initial closing of a $3.9 billion Series F on September 17, at a $30.9 billion post-money valuation. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Nvidia, Qatar Investment Authority, Founders Fund, GIC, Radical Ventures, and TPG also participated.
The raise came 10 months after Crusoe closed at a $10 billion valuation. It values the company at 3x that figure, reflecting contracted capacity growth to more than 6 GW and more than $140 billion in total contracted value across the platform.
What Crusoe Does
Crusoe runs the full vertical: power generation and procurement, data center construction, GPU ownership, and cloud inference. Its primary customer-facing products are large-scale AI campuses and Crusoe Spark, a line of modular data centers manufactured in the U.S. that can be transported by truck and energized in weeks rather than the years a conventional construction project requires.
OpenAI uses a Crusoe data center in Abilene, Texas. Current Crusoe Cloud customers include Cognition, Figure, and Perplexity.
The Jane Street Contract
Bloomberg reported that Crusoe recently signed a $13 billion, five-year cloud contract with Jane Street, the quantitative trading firm. That contract, if accurate, would represent one of the largest compute commitments by a financial institution and makes Jane Street one of the largest non-hyperscaler buyers of dedicated AI infrastructure on record.
Three New Board Members
The raise brings three new board members: Thomas Seifert, Cloudflare’s CFO; Bill Stein, partner and chief investment officer at Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials and a Tesla board member. Straubel personally invested in Crusoe in 2021 and Crusoe later became Redwood’s first energy storage customer.
IPO Path
Axios reported last month that Crusoe had met with Goldman Sachs and Morgan Stanley to discuss a potential near-term IPO. At $30.9 billion, the company is large enough for a significant public offering. The three-pronged business model — leasing space, renting GPUs, and selling inference — gives it multiple revenue lines to present to public market investors.
Where It Sits
Crusoe started in 2018 as a crypto miner using flared natural gas from oil fields and pivoted to AI infrastructure as data center demand outpaced supply. It now operates across five countries with more than 1,800 employees. The company has opened offices in Bellevue, Washington and New York City, with hiring ongoing in every geography it operates.
The Spark modular units are designed to accommodate next-generation silicon and networking hardware, and Crusoe describes them as the engine for expanding cloud capacity without the permitting timelines and community opposition that large-format campuses increasingly face.