Cursoe

Crusoe builds and operates vertically integrated AI data centers for the companies training and serving large models, ranging from gigawatt-scale campuses down to Spark, a truck-transportable modular unit that can be dropped near available power. This launch marks the initial closing of a $3.9 billion Series F co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, which values the eight-year-old data center developer at $30.9 billion . Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participated , giving Crusoe a deep bench of strategic backers as it races to bring capacity online. The company was founded by Chase Lochmiller (CEO) and Cully Cavness (COO) in 2018 in Denver, Colorado , and started as a crypto mining operation powered by flared natural gas before pivoting to AI infrastructure . Today Crusoe runs a three-part business, leasing data center space to customers that bring their own GPUs, renting out its own GPUs, and selling inference compute used to run AI models . Existing sites include a large campus in Abilene, Texas, used by OpenAI , and the team currently has roughly 6 gigawatts of capacity under development. The new capital is earmarked for expanding both the flagship campuses and the Spark modular units, alongside continued investment in Crusoe Cloud. Manufacturing the Spark data centers at its own facilities lets Crusoe deploy compute quickly without large construction workforces , and the smaller footprint sidesteps some of the local opposition that has slowed hyperscale builds. The round lands against a backdrop of enormous contracted demand, including a roughly $13 billion, five-year cloud contract to supply Jane Street with GPUs and AI infrastructure , and follows reported meetings with Goldman Sachs and Morgan Stanley about a potential IPO .