Crusoe closes $3.9B Series F at $30.9B post-money valuation, led by Atreides, Mubadala, and Valor with participation from NVIDIA and existing investors.
Crusoe has announced the initial closing of its Series F funding round at $3.9 billion, valuing the company at $30.9 billion post-money. 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.
The company commands over $140 billion in total contracted value across its vertically-integrated platform. The capital will support Crusoe's existing programs and accelerate buildout of its AI factories—from large-scale, vertically-integrated campuses to modular Crusoe Spark units—powering rapid growth in Crusoe Cloud. By controlling the entire value chain, Crusoe serves customers across the AI ecosystem with execution speed that has become its market hallmark.
"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 momentum is reflected in key metrics: 6 GW or more of gross contracted capacity across data centers and cloud, with 1 GW already delivered and operational; 20x year-over-year growth in Crusoe Cloud bookings year-to-date; and over $100 million in contracted annual recurring revenue from Crusoe Managed Inference, which launched late last year and delivers up to 9.9x faster time-to-first-token and 5x higher throughput versus vLLM with Crusoe's inference engine powered by Crusoe MemoryAlloy technology. The company has been independently recognized as a Gartner Magic Quadrant Visionary, ranked #1 for inference speed by Artificial Analysis, and named an NVIDIA Exemplar Cloud.
At the foundation of Crusoe's AI factory model is an energy-first strategy that treats power as the primary variable rather than a constraint. Crusoe originates and manages power directly at the source, building in-house power plant development capabilities and partnering with grid, battery, nuclear, thermal, and renewable energy providers. This structural advantage compounds through every layer the company owns.
"As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain—a structural advantage that compounds as they build," said Gavin Baker, Managing Partner and CIO of Atreides Management. "Chase and Cully are world-class operators, and we're thrilled to support Team Crusoe as they lead the buildout of next-generation AI infrastructure."
Contracted capacity has grown to over 6 GW year to date. Crusoe Cloud continues to innovate across its infrastructure-as-a-service, serverless fine-tuning, and self-serve inference products, with strong adoption expected to accelerate as Crusoe Spark's modular data centers deliver scalable, predictable capacity. The company operates with a workforce of over 1,800 across five countries, including new offices in Bellevue, Washington and New York City, with hiring underway in every geography where Crusoe operates.
"We joined Crusoe's journey almost six years ago because they perfectly fit what we look for: pro-entropic founders taking a hard path to build a structurally advantaged company with frontier technology and operational discipline. They have exceeded expectations at every turn as their vision for the business expanded," said Antonio Gracias, Founder, CEO, and CIO of Valor Equity Partners. "This team has delivered mission-critical AI infrastructure for several of the world's most sophisticated customers, earning the market's trust to scale by orders of magnitude."
"As AI diffuses across the economy, compute infrastructure has become the foundation on which that shift is built. Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale. We have partnered with Crusoe since 2022, invested in every round since, and are proud to co-lead this round. What we've seen so far is only the beginning," said Ibrahim Ajami, Senior Partner, Head of Ventures, Mubadala Capital.
Crusoe has delivered over 1 GW of operational capacity across its portfolio, demonstrating execution at scale. The company's vertical integration enables it to serve diverse customers—from hyperscalers to AI natives—on a platform that grows with their needs. OpenAI trained Astra, its first artificial general intelligence, at the Abilene campus Crusoe designed and built, exemplifying how Crusoe enables breakthrough technology.
Crusoe Spark modular data centers, manufactured in the US, represent a critical growth engine. Designed for next-generation silicon and networking systems, these units compress data center construction timelines from years to weeks while lowering costs relative to conventional techniques. They offer customers flexibility to grow capacity incrementally as workloads demand, combining speed, cost efficiency, and deployment predictability. Customers including Cognition, Figure, and Perplexity are already innovating on Crusoe Cloud.
The company operates with a commitment to the communities where it does business. For more information, visit crusoe.ai.