Data center developer Crusoe has raised a new $3 billion round at a $30 billion valuation, according to Bloomberg. The deal is co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi's sovereign wealth fund Mubadala. Crusoe recently signed a massive $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure.

The fresh fundraise comes 10 months after Crusoe raised a $1.38 billion round at a $10 billion valuation last October. Launched in 2018 as a crypto mining operation powered by flared natural gas, Crusoe has since pivoted into a major AI infrastructure and cloud provider that is best known for developing hyperscale data center campuses for clients like Oracle and Open AI. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO.