Crusoe, a data center developer, announced a $3.9 billion Series F round, co‑led by Atreides Management, Mubadala Capital, and Valor Equity Partners, pushing its valuation to $30.9 billion. Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG also participated. Three new board members were added: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials CEO JB Straubel, who has prior ties to Crusoe. The funding will finance large sites like the Abilene, Texas facility used by OpenAI, as well as modular AI factories called Spark that can be transported and deployed quickly. These smaller centers aim to reduce community backlash and enable rapid compute deployment without extensive construction. Crusoe’s business model includes leasing space, renting GPUs, and selling inference power, and it recently secured a $13 billion cloud contract with Jane Street. The company is also exploring an IPO, having raised $1.38 billion last October at a $10 billion valuation. Founded in 2018 as a crypto mining operation powered by flared natural gas, Crusoe now serves clients such as Meta, Microsoft, and Oracle.

Marina Temkin, a venture capital and startups reporter at TechCrunch, covers funding rounds and market developments in the AI infrastructure space.