Crusoe Secures $3.9B Series F at $30.9B Valuation to Build AI Factories

Crusoe on September 17, 2026, announced the initial closing of its anticipated $3.9 billion Series F funding round at a $30.9 billion post-money valuation, an oversubscribed financing co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners.

Investor Syndicate and Use of Proceeds

Beyond the three co-leads, the company named significant new and existing backers including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG. Additional investors named in the announcement include 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 (RVI), SemiAnalysis, Salesforce Ventures, Squarepoint Capital, StepStone Group, Tiger Global, Upper90, Van Eck, XN, Zigg Capital, and accounts advised by T. Rowe Price Associates.

Crusoe said proceeds from the round will go toward scaling its existing programs and building out its own AI factories, spanning large vertically-integrated campuses as well as modular Crusoe Spark units, and toward continued growth of Crusoe Cloud. The company, which describes itself as the industry’s first vertically-integrated AI infrastructure provider, said running the full value chain itself lets it serve AI ecosystem customers at the pace the market expects.

“We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity,” said Chase Lochmiller, Crusoe’s co-founder and CEO. “Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction.” He said the financing will let Crusoe expand each of those layers for AI builders.

Gavin Baker, managing partner and CIO of Atreides Management, said that as AI expands, its economics reward the lowest-cost producer of intelligence, and that Crusoe’s vertical integration, under which it owns the entire value chain, gives it a structural advantage that accumulates as the company builds. Ibrahim Ajami, senior partner and head of ventures at Mubadala Capital, said the firm has worked with Crusoe since 2022 and has invested in each round since.

Antonio Gracias, founder, CEO, and CIO of Valor Equity Partners, said Valor has been part of Crusoe’s journey for almost six years and that the company has delivered mission-critical AI infrastructure to some of the most sophisticated customers in the world.

Capacity, Cloud Growth, and Operations

Crusoe reported more than $140 billion in total contracted value across its vertically-integrated platform, which it said serves AI native, hyperscaler, frontier model, and enterprise customers. Gross contracted capacity across its data centers and cloud stands at more than 6 gigawatts, the company reported, with 1 gigawatt delivered and operational.

The company reported year-over-year growth of more than 20x in Crusoe Cloud bookings year to date. Crusoe Managed Inference, launched in late 2025, has already contracted more than $100 million in annual recurring revenue, the company said. Crusoe said the offering’s adoption has scaled rapidly, attributing it to an inference engine that the company said delivers up to 9.9x faster time-to-first-token and 5x higher throughput than vLLM through its MemoryAlloy technology. The company also pointed to outside recognition, describing itself as a Gartner Magic Quadrant Visionary, the top-ranked provider for inference speed on Artificial Analysis, and an NVIDIA Exemplar Cloud.

Crusoe said its workforce has grown past 1,800 people across five countries, including new offices in Bellevue, Washington, and New York City, with active hiring in each market where it operates.

Energy-First Strategy and Customer Execution

Crusoe said its AI factory model is built on an energy-first strategy. The company said conventional data center developers treat power as a problem to solve after a site is chosen, while Crusoe instead begins with power, sourcing and managing it where it is generated. That approach combines the company’s own power plant development work with partnerships covering grid, battery, nuclear, thermal, and renewable energy providers, Crusoe said.

Crusoe said OpenAI trained Astra, which the company described as OpenAI’s first artificial general intelligence, at the Abilene campus it designed and built.

The company manufactures Crusoe Spark modular data centers in the United States and said the units cut field construction timelines for data centers from years to weeks while reducing costs compared with conventional construction methods. Crusoe said the units are built for the next generation of silicon and networking systems, and that their modularity lets customers grow capacity in increments as workloads and demand require.

Crusoe said cloud adoption spans its infrastructure-as-a-service, serverless fine-tuning, and self-serve inference products, with customers including Cognition, Figure, and Perplexity already operating on Crusoe Cloud.