The Pulse
Crusoe Raises $3.9 Billion at $30.9 Billion Valuation
Crusoe has closed a $3.9 billion Series F funding round to expand its vertically integrated AI infrastructure business. The Denver company says the financing will support large data-center campuses, modular Crusoe Spark units and the growth
AI.info Team ·
Crusoe’s $3.9 Billion Round Puts Power at the Center
Crusoe says the bottleneck in AI infrastructure is not only the supply of chips or cloud capacity, but the electricity needed to operate them. Its answer is a vertically integrated business that develops energy, builds data centers and sells computing through Crusoe Cloud. Investors have now committed $3.9 billion to that strategy.
The Denver-based company announced the initial closing of its oversubscribed Series F round on September 17, 2026, at a post-money valuation of $30.9 billion. Atreides Management, Mubadala Capital and Valor Equity Partners co-led the financing, with participation from Founders Fund, GIC, NVIDIA, the Qatar Investment Authority, Radical Ventures and TPG, among other investors.
Crusoe says it will use the capital to expand existing programs and build its own AI factories. Those projects range from large, vertically integrated campuses to modular Crusoe Spark data-center units, which the company says can be manufactured in the United States and deployed faster than conventional facilities. The financing also supports continued growth for Crusoe Cloud.
From Energy Sources to AI Cloud Services
Crusoe reports more than $140 billion in total contracted value across its platform and more than 6 gigawatts of gross contracted capacity across data centers and cloud services. The company says 1 gigawatt of that capacity is already delivered and operational.
The company’s strategy begins with power procurement and development rather than treating electricity as a constraint after a data-center site has been selected. Crusoe says its energy work spans grid connections, batteries, nuclear, thermal generation and renewable sources, while its data-center and cloud operations extend that control through to customer workloads.
“Getting there means controlling the infrastructure from electrons to tokens,” Chase Lochmiller, Crusoe’s co-founder and chief executive, says in the company’s announcement. “This Series F lets us scale every layer for the world's most ambitious AI builders.”
Crusoe says its contracted capacity has grown to more than 6 gigawatts during 2026. The company also reports that bookings for Crusoe Cloud have grown more than 20 times year over year so far this year.
Crusoe Cloud Becomes the Other Half of the Bet
The funding is not limited to physical construction. Crusoe says its managed inference product, launched late in 2025, has already generated more than $100 million in contracted annual recurring revenue. The company claims its inference engine delivers up to 9.9 times faster time to first token and five times higher throughput than vLLM, though those performance figures come from Crusoe’s own announcement rather than an independently described test in the funding release.
Crusoe says customers including Cognition, Figure and Perplexity are using Crusoe Cloud. The company also says its platform serves AI-native companies, hyperscalers, frontier-model developers and enterprise customers, giving it a customer base that spans both model development and production workloads.
The company has more than 1,800 employees across five countries, according to the release, and is hiring in each geography where it operates. Its stated objective is to connect energy generation, data-center construction and cloud software instead of buying those capabilities separately from different suppliers.
Investors Back a Full-Stack Infrastructure Model
Gavin Baker, managing partner and chief investment officer at Atreides Management, says Crusoe’s ownership of the full infrastructure chain gives it an economic advantage as AI demand expands. Antonio Gracias, founder, chief executive and chief investment officer of Valor Equity Partners, says the company has delivered infrastructure for sophisticated customers and earned the confidence to scale.
Mubadala Capital has invested in Crusoe since 2022 and participated in every round since then, according to Ibrahim Ajami, the firm’s senior partner and head of ventures. The Series F also includes a long list of additional investors, among them Fidelity Management & Research Company, Salesforce Ventures, T. Rowe Price, Tiger Global, Upper90 and Van Eck.
The size of the round gives Crusoe money to pursue infrastructure at a scale that few private AI companies can match. The company still has to turn contracted capacity and planned campuses into operating facilities, but the immediate result is clear: Crusoe has raised the capital required to build across power, data centers and cloud services at the same time.