The Pulse
Crusoe Raises $3.9B at $30.9B Valuation for AI Factories
Crusoe announced an initial $3.9 billion Series F closing at a $30.9 billion post-money valuation on September 17, 2026. The company will use the funding to expand large AI campuses, modular Crusoe Spark data centers and its cloud business.
AI.info Team · Written with AI · fact-checked ·
Crusoe’s $3.9 billion Series F values the AI infrastructure company at $30.9 billion after the investment. Announced on September 17, 2026, the round is an initial closing of an anticipated raise, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners. The company will use the capital to expand large data-center campuses, modular Crusoe Spark units and Crusoe Cloud.
Funding aimed at every layer of Crusoe’s stack
Crusoe is betting that owning more of the infrastructure—from sourcing energy and building data centers to selling cloud computing—will help it serve customers facing demand for AI capacity. Its platform has more than $140 billion in total contracted value, or TCV, and more than 6 gigawatts of gross contracted capacity across data centers and cloud, the company says. It reports that 1 gigawatt of that capacity is delivered and operational.
Those figures describe different stages of the business: contracted capacity is not the same as power already operating. The distinction gives the raise a practical measure of execution ahead: Crusoe must turn commitments into energized facilities and usable cloud capacity. Its Crusoe Spark modular data centers can shorten construction timelines in the field from years to weeks, the company says, though the funding announcement does not give a deployment schedule for the new capital.
Crusoe Spark pairs construction with cloud growth
The Spark units sit alongside larger campuses in Crusoe’s expansion plan. Crusoe manufactures the modular data centers in the United States and designs them to let customers add capacity in stages as demand grows. Its cloud business sells access to computing infrastructure and managed inference, bringing the company closer to the workloads that use the facilities it builds.
On September 23, six days after the funding announcement, Crusoe disclosed a $65 million annual agreement with Thinking Machines Lab to run inference for the lab’s open models on Crusoe Cloud. The deal covers production workloads on a dedicated deployment of NVIDIA HGX B200 systems. It offers a recent example of the cloud business Crusoe says the Series F will support, but the announcement does not say the agreement is tied to the new funding.
Investors back a costly buildout
Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures and TPG also participated in the round, Crusoe said. CEO and co-founder Chase Lochmiller described the financing as support for the company’s integrated infrastructure strategy.
“This Series F lets us scale every layer for the world's most ambitious AI builders.”
Chase Lochmiller, co-founder and CEO of Crusoe
Crusoe Cloud bookings grew more than 20 times year over year so far in 2026, and its managed inference service has more than $100 million in contracted annual recurring revenue, Crusoe also says. Those are company-reported measures, not disclosed audited results. The funding announcement does not specify how much of the $3.9 billion will go to power projects, campuses, Spark units or cloud expansion.
The capacity gap is the test
The raise gives Crusoe substantial capital to pursue a business that joins power development, data-center construction and cloud services. Its reported figures also show the scale of the work ahead: 6 gigawatts of gross contracted capacity against 1 gigawatt delivered and operational. The company has not laid out a timeline in the announcement for closing that gap or a breakdown of the round’s terms.