Bitcoin-mining-turned-AI-infrastructure firm Crusoe targets $30 billion valuation with a $3 billion raise, positioning itself as a direct Meta supplier.

Crusoe, the data center operator supplying AI computing power to Meta Platforms Inc (NASDAQ: META) and Oracle (NYSE: ORCL), is in negotiations to raise $3 billion in fresh funding. The fundraising round is expected to push Crusoe's valuation to $30 billion, according to Bloomberg, citing people familiar with the matter—three times the $10 billion valuation the company disclosed as recently as last October. Negotiations are still ongoing, and the final valuation has not yet been formally confirmed by any of the parties involved.

Founded in 2018, Crusoe built its initial business on an unconventional premise: installing modular data centers directly on oil and gas fields to harness flared natural gas that would otherwise be vented into the atmosphere. The company initially used that energy to power Bitcoin mining operations, but sold its Bitcoin mining business to NYDIG last year, redirecting its infrastructure expertise toward large-scale AI data center development.

The global AI boom has driven unprecedented demand for computing power. Crusoe currently holds nearly 5 gigawatts of capacity tied to active execution contracts, with over 40 gigawatts across its full project pipeline—sufficient to support the electricity consumption of approximately 30 million U.S. households.

Meta signed a deal last month to purchase capacity from Crusoe at data centers in Childress, Texas, and Warrenton, Missouri, adding to existing agreements with Microsoft (NASDAQ: MSFT) and Alphabet's Google (NASDAQ: GOOGL). However, not every project has proceeded as planned. In June, Crusoe announced it had "paused" plans to build a data center in Wyoming after Google reportedly raised concerns about costs and the construction timeline. According to Bloomberg, the project was sidelined after failing to secure sufficient customer commitments, highlighting execution risks that persist even as demand for AI infrastructure accelerates.

Crusoe's last funding round was co-led by Valor Equity Partners and Mubadala Capital. The company has not disclosed specific uses for the proceeds from the current fundraising round, though the funds are expected to expand its computing power infrastructure footprint further. With clients including Meta, Microsoft, and Google, Crusoe has established itself as a key node in the AI supply chain.