AI infrastructure company Crusoe has raised $3.9 billion in a Series F funding round, achieving a post-money valuation of $30.9 billion, as reported by TechCrunch. The round marks a dramatic tripling of the company's valuation from approximately $10 billion in October 2025.
The oversubscribed funding was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. It included significant participation from both new and existing investors such as Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
Crusoe plans to use the capital to aggressively scale its vertically-integrated AI infrastructure platform. The company stated the proceeds will support the build-out of its own "AI factories," ranging from large-scale, vertically-integrated campuses to smaller, modular units called "Crusoe Spark."
The funding underscores the intense demand for computing capacity to power artificial intelligence workloads. Crusoe, which launched in 2018 initially as a cryptocurrency business, has pivoted to become a major player in the AI infrastructure space, operating the entire value chain from hardware procurement and systems design to data center operations and cloud software.
According to the company, its platform has secured over $140 billion in total contracted value (TCV). This massive backlog highlights the scale of demand it is aiming to meet with the new capital infusion.
A key part of Crusoe's strategy involves a factory-based approach to building AI compute capacity. The company has a 352,000-square-foot plant in Brighton, Colorado, dedicated to producing its modular Crusoe Spark units. The plant and its initial fleet of Spark units represent an investment of more than $200 million.
Furthermore, the company recently opened a second, even larger facility—a 400,000-square-foot plant in Tulsa, Oklahoma, which commenced operations on September 14. These factories are designed to streamline and accelerate the deployment of AI-optimized data centers.
The $3.9 billion raise is one of the largest single funding rounds in the AI infrastructure sector to date, signaling strong investor confidence in the need for specialized, scalable hardware and facilities to support the ongoing AI boom. The involvement of strategic investors like chipmaker NVIDIA points to the integrated nature of the AI supply chain.
Crusoe's model of vertical integration, controlling everything from the sourcing of components like GPUs to the construction of facilities and the operation of its Crusoe Cloud service, is positioned as a response to market demands for speed and reliability. The company argues this control allows it to serve customers "at the speed the market requires."
The staggering valuation jump from $10 billion to $30.9 billion in less than a year reflects the hyper-competitive and capital-intensive nature of building out AI infrastructure. As AI models grow larger and more complex, the race to provide the underlying compute power has become a central battleground, attracting billions in investment from venture capital, sovereign wealth funds, and strategic corporate backers.
This funding round will fuel Crusoe's capacity expansion in direct competition with other infrastructure giants and cloud providers. The focus on both massive campuses and portable, modular data centers suggests a dual strategy aimed at serving different client needs, from hyperscalers requiring dedicated campuses to enterprises seeking faster, more flexible deployments.
