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Crusoe reportedly raises $3B at $30B valuation

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Crusoe reportedly raises $3B at $30B valuation

Crusoe, a data center developer whose customers include Meta, Microsoft and OpenAI, has raised a new $3 billion round at a $30 billion valuation, Bloomberg reported. The round is co-led by Atreides Management and Valor Equity Partners, with additional participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund Mubadala.

The fresh capital follows a $13 billion, five-year cloud contract Crusoe recently signed to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, also according to Bloomberg. The new round comes just 10 months after Crusoe raised $1.38 billion at a $10 billion valuation last October, meaning its valuation has tripled over that period.

Crusoe launched in 2018 as a crypto mining operation powered by flared natural gas before pivoting into a major AI infrastructure and cloud provider. It is now best known for developing hyperscale data center campuses for clients including Oracle and OpenAI.

Separately, Axios reported last month that Crusoe had met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO. No decision, date or use of the new funding has been disclosed.

Key facts

  • Crusoe has raised a new $3 billion round at a $30 billion valuation, co-led by Atreides Management and Valor Equity Partners with participation from Mubadala Capital, Bloomberg reported.
  • The round follows a $13 billion, five-year cloud contract Crusoe signed to supply GPUs and AI infrastructure to trading firm Jane Street.
  • Crusoe's new $30 billion valuation is triple the $10 billion it was valued at just 10 months earlier, when it raised $1.38 billion last October.
  • Crusoe's customers include Meta, Microsoft and OpenAI; it has also built hyperscale data center campuses for Oracle and OpenAI since pivoting from a 2018 crypto mining startup.
  • Axios reported last month that Crusoe met with bankers including Goldman Sachs and Morgan Stanley to discuss a potential near-term IPO.

Why it matters

Crusoe's valuation has tripled in ten months, from $10 billion to $30 billion, underscoring how much capital is flowing into AI data center providers. The new round follows a $13 billion, five-year cloud contract with trading firm Jane Street, on top of existing business with Meta, Microsoft and OpenAI, evidence that demand for Crusoe's GPU and data center capacity keeps growing alongside its valuation. Reports that Crusoe has separately discussed a near-term IPO with Goldman Sachs and Morgan Stanley suggest the company may be preparing to take that growth public.

Who it affects

Directly: Crusoe itself and its new investors, Atreides Management, Valor Equity Partners and Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund. Also involved are Crusoe's customers, Meta, Microsoft, OpenAI, Oracle and now Jane Street, all of which depend on Crusoe for GPU and data center capacity. Goldman Sachs and Morgan Stanley are named as the banks Crusoe has met with over a possible IPO, which would eventually open the company to public shareholders.

How to use it

There is no product or service here to adopt. For anyone tracking the AI infrastructure buildout, the useful reference points are the deal's specifics: a $3 billion raise at a $30 billion valuation, a $13 billion multi-year contract with a single customer, and a valuation that tripled in under a year, concrete numbers for comparing Crusoe against other data center and cloud providers. Neither how the new funding will be spent nor the ownership stakes involved have been disclosed.

How solid is it

Every key number here, including the $3 billion round, the $30 billion valuation and the $13 billion Jane Street contract, comes from Bloomberg's reporting rather than a Crusoe announcement; the prior $1.38 billion round was not attributed to any source, and the IPO discussions are sourced separately to Axios. No individual executives, founders or bank representatives at Crusoe, its investors or the banks involved are named or quoted. Deal mechanics, equity versus debt, ownership percentages and an exact closing date beyond 'recent' are not disclosed.

Risks and caveats

The fundraising figures and valuation come from press reporting, not a Crusoe announcement. The IPO is described only as a subject of discussion with bankers, not a filed or decided listing, and no timeline beyond 'near-term' has been given. How Crusoe intends to use the new capital, and why it moved from crypto mining into AI infrastructure, are both left unexplained in the reporting.