Crusoe closes its $3.9 billion Series F funding round at $30.9 billion post-money valuation for its vertically-integrated AI infrastructure platform.
Crusoe Energy has announced the initial closing of its $3.9 billion Series F funding round at a $30.9 billion post-money valuation. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with backing from Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, and TPG, alongside additional investors including 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT & MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management & Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I, SemiAnalysis, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price, Tiger Global, Upper90, Van Eck, XN, and Zigg Capital.
Crusoe operates over $140 billion in total contracted value across its vertically-integrated AI infrastructure platform. The capital will support the expansion of its AI factories, ranging from large-scale campuses to modular Crusoe Spark units, and accelerate growth of Crusoe Cloud. The company has 6GW+ of gross contracted capacity across data centers and cloud infrastructure, with 1GW operational today. Crusoe Cloud bookings have grown 20x year-over-year to date.
"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," said Chase Lochmiller, Co-founder and CEO of Crusoe. "Getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction. This Series F lets us scale every layer for the world's most ambitious AI builders."
Crusoe's vertical integration spans the full value chain, from energy sourcing to cloud operations. The company originates and manages power directly at the source, leveraging partnerships across grid, battery, nuclear, thermal, and renewable energy providers. Its infrastructure products include managed inference, which has contracted over $100 million in annual recurring revenue since its launch, and delivers up to 9.9x faster time-to-first-token and 5x higher throughput than vLLM via Crusoe's MemoryAlloy technology. Crusoe has been recognized as a Gartner Magic Quadrant Visionary, ranked #1 for inference speed on Artificial Analysis, and designated an NVIDIA Exemplar Cloud.
"As AI grows, the economics flow to the lowest-cost producer of intelligence," said Gavin Baker, Managing Partner and CIO of Atreides Management. "Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build. Chase and Cully are world-class operators, and we're thrilled to support Team Crusoe as they lead the build-out of next generation AI infrastructure."
The company manufactures Crusoe Spark modular data centers domestically, compressing construction timelines from years to weeks while reducing costs relative to conventional techniques. Spark units are designed for next-generation silicon and networking systems, allowing customers to scale capacity incrementally as workloads evolve. Current customers leveraging Crusoe Cloud include Cognition, Figure, and Perplexity. OpenAI trained Astra, its first artificial general intelligence model, at Crusoe's Abilene campus.
Crusoe operates globally with over 1,800 employees across five countries, including offices in Bellevue, Washington and New York City, with ongoing hiring across all geographies.
"Compute infrastructure has become the foundation of AI's economic diffusion," said Ibrahim Ajami, Senior Partner and Head of Ventures at Mubadala Capital. "Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale. We have partnered with Crusoe since 2022 and invested in every round since, and are proud to co-lead this round."