Crusoe secures $3.9 billion in new funding specifically for AI data center build-out, with Nvidia participating as an investor.

AI data center and cloud firm Crusoe has raised $3.9 billion in a Series F funding round that values the company at $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.

Denver-based Crusoe is the developer behind OpenAI’s first Stargate campus in Abilene, Texas, and is advancing multiple additional data centers across the United States. The company also leases third-party space to host its cloud platform, reflecting the substantial capital required to sustain its infrastructure expansion.

"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."

Founded in 2018 as a cryptocurrency mining operation, Crusoe has since pivoted to developing data centers and offering AI cloud services, fully divesting its crypto assets.

In addition to the Abilene campus, Crusoe is advancing a 1.4GW facility in Texas, two sites in Missouri, and natural gas-powered data centers in Alberta, Canada. The company recently withdrew from a proposed project in Cheyenne, Wyoming, and was identified as a potential partner for a development in Nebraska. Crusoe currently reports 6GW of contracted capacity across its cloud and data center operations, with more than 1GW already operational.

Earlier this month, the company secured a cloud services agreement with financial trading firm Jane Street, valued at approximately $13 billion over five years.

“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 [Caveness, Crusoe CTO] are world-class operators, and we’re thrilled to support team Crusoe as they lead the build-out of next-generation AI infrastructure.”