Crusoe Secures $3.9 Billion to Expand AI Infrastructure

The data center specialist Crusoe is leveraging a $13 billion contract with Jane Street, a Texas site used by OpenAI and a client portfolio that includes Meta, Microsoft, and Oracle to accelerate its growth. The company plans to fund both a mega-site and modular Spark units while strengthening its board and discussing a potential IPO.

$13 Billion Contract and Active Clients, from OpenAI to Jane Street

Crusoe recently signed a five-year agreement worth $13 billion to provide GPUs and AI infrastructure to Jane Street, according to a source. Among its operational deployments is a large site in Abilene, Texas, used by OpenAI. Beyond these references, the company counts clients such as Meta, Microsoft, and Oracle. Its revenue model combines leasing data center space to clients bringing their own GPUs, renting its GPUs, and selling dedicated computing power for inference.

In-House Manufactured Spark Units for Rapid Deployment

Crusoe manufactures modular data centers called Spark in its own facilities. This industrial integration allows for rapid deployment of computing capabilities without mobilizing large construction teams. The announced capital injection is intended to fund ongoing projects, including modular AI factories that can be trucked in and connected to high electrical capacities almost anywhere. According to the company, smaller sites could also mitigate some local opposition to massive complexes. CEO Chase Lochmiller advocates for mastering the infrastructure "from electrons to tokens" to support an era of abundance enabled by AI.

Record Funding, $30.9 Billion Valuation, and Board Strengthening

Crusoe has raised $3.9 billion in a Series F round, bringing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG, according to the company. This operation comes 10 months after an October raise of $1.38 billion that valued the company at $10 billion. The company has also appointed three directors: Thomas Seifert (Cloudflare), Bill Stein (Primary Digital Infrastructure), and JB Straubel (Redwood Materials and Tesla). Straubel personally invested in 2021, and Crusoe became the first client of Redwood's energy storage. Additionally, Crusoe has recently discussed a potential IPO with Goldman Sachs and Morgan Stanley, according to a source. Founded in 2018 as a crypto miner powered by flared gas, the company has since pivoted to AI infrastructure, with a project portfolio that includes a large site in Abilene used by OpenAI.