Crusoe raises $3.9 billion, valued at $30.9 billion

Crusoe's latest round follows a $1.38 billion raise at a $10 billion valuation last October, and it comes as the company has moved well beyond its 2018 origins as a crypto mining operation powered by flared natural gas. The fresh capital is earmarked for existing data center projects, including a large site in Abilene, Texas, used by OpenAI, as well as smaller modular AI factories that can be transported by truck and connected to large power sources almost anywhere.

The company's three-pronged model — leasing space to customers that bring their own GPUs, renting out its own GPUs, and selling inference compute — has made it one of the most valuable AI infrastructure companies. Its customer list includes Meta, Microsoft, and Oracle, and it recently signed a $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg.

Crusoe also recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential IPO in the near future, Axios reported last month. Whether that listing proceeds, and whether the modular approach can meaningfully ease local opposition to large data centers, are the open questions likely to shape how investors read this round.