Crusoe, the AI infrastructure company that started out as a crypto mining operation powered by flared natural gas, has closed a $3.9 billion Series F funding round that values the company at $30.9 billion, according to TechCrunch.
The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participating. Three new board members are joining, including Tesla board member JB Straubel.
The new capital will help finance Crusoe's existing data center projects, including a large site in Abilene, Texas that is used by OpenAI. It will also fund development and deployment of "Spark," Crusoe's small, modular AI data centers that can be transported by truck. Crusoe's customers include Meta, Microsoft, and Oracle, and the company recently signed a five-year, $13 billion cloud contract to supply GPUs and AI infrastructure to trading firm Jane Street.
Crusoe was founded in 2018 as a crypto mining operation before pivoting to AI infrastructure as computing demand surged. The new round follows a $1.38 billion Series E raise at a $10 billion valuation just ten months earlier, in October 2025. CEO Chase Lochmiller said the company aims to be "controlling the infrastructure from electrons to tokens."