Crusoe reportedly in talks to raise $3 billion at ~$30 billion valuation.

Crusoe Energy is reportedly in talks to raise approximately $3 billion in a funding round that could value the AI data center developer at around $30 billion, according to a Bloomberg report citing people familiar with the discussions. The round has not been finalized, and the valuation may still change. A deal at that level would roughly triple Crusoe's valuation from approximately $10 billion in October, reflecting the rapid acceleration in investor appetite for companies capable of delivering large-scale power and data center capacity for artificial intelligence workloads.

Founded in 2018, Crusoe originally built its business around harnessing excess natural gas from energy fields to power cryptocurrency-mining operations. The company has since pivoted toward AI infrastructure, developing and operating large data centers for clients requiring computing capacity to train and deploy AI systems. Last month, Crusoe announced contracts for nearly 5 gigawatts of computing power, with more than 40 gigawatts in its total project pipeline. This scale positions Crusoe among the most aggressive developers addressing the global shortage of power-ready data center capacity, as hyperscalers and AI companies compete for sites with access to substantial electricity supply.

The company has secured contracts with major technology firms including Meta Platforms, Oracle, Microsoft, and Alphabet's Google. Meta is contracted to purchase computing capacity from Crusoe at data centers in Childress, Texas, and Warrenton, Missouri, according to Bloomberg's June reporting.

The funding round reflects the capital intensity of AI infrastructure development. Developers are racing to secure land, grid connections, power equipment, and customer contracts, while investors have driven up valuations for companies capable of converting energy assets into AI-ready data center campuses.

However, Crusoe's expansion has encountered obstacles. Bloomberg reported in June that the company was being sidelined at a Wyoming campus it had been developing after failing to secure key customers, including Google. Crusoe confirmed it had paused the Wyoming project, though sources told Bloomberg that Google had raised concerns regarding the project's cost and timeline under Crusoe's management.