Crusoe, the data center developer and AI cloud provider, has raised more than $3 billion at a roughly $30 billion post-money valuation, according to Bloomberg1,2. Atreides Management and Valor Equity Partners co-led the round, with participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund.
The fundraise comes approximately ten months after Crusoe closed a $1.38 billion round at a $10 billion valuation last October. ANALYSIS The jump from $10 billion to $30 billion in under a year represents a tripling of the company's valuation across two consecutive large rounds.
Crusoe counts Meta, Microsoft, and OpenAI among its customers. The company is known for developing hyperscale data center campuses for clients including Oracle and OpenAI.
The round follows a recently reported $13 billion, five-year cloud contract under which Crusoe will supply quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg.
Crusoe launched in 2018 as a crypto mining operation powered by flared natural gas and has since pivoted into an AI infrastructure and cloud provider. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO, Axios reported last month.
ANALYSIS The $3 billion raise, the $13 billion Jane Street contract, and the IPO discussions with Goldman Sachs and Morgan Stanley together paint a picture of a company moving rapidly toward a public listing with a substantial revenue base already in place. The involvement of Mubadala, a sovereign wealth fund vehicle, adds to the institutional weight of the investor roster.