Crusoe, a US company that builds data centers for AI, has raised $3.9 billion in a Series F round. The deal values the company at $30.9 billion after the investment.
That is roughly triple its value from about 10 months ago, when Crusoe raised $1.38 billion in a Series E at a $10 billion valuation, according to TechCrunch.
Atreides Management, Mubadala Capital, and Valor Equity Partners co-led the round. Founders Fund, Singapore's GIC, Nvidia, the Qatar Investment Authority, Radical Ventures, and TPG also took part.
Big campuses, small boxes
Crusoe builds large campuses, including one in Abilene, Texas, used by OpenAI. It also manufactures small modular data centers called Spark in its own factories. These are trucked to a power source and plugged in on site.
TechCrunch writes that the modular approach needs fewer workers on the construction site and meets less resistance from local communities that oppose giant complexes.
How it makes money
The company has three businesses. It leases space to customers who bring their own GPUs, rents out its own GPUs, and sells compute for running finished models. CEO Chase Lochmiller describes the goal as "controlling the infrastructure from electrons to tokens."
Crusoe has also signed a five-year, $13 billion cloud deal with trading firm Jane Street to supply GPUs and AI services, TechCrunch reports.
Three people are joining the board: Cloudflare CFO Thomas Seifert, Bill Stein of Primary Digital Infrastructure, and JB Straubel, CEO of Redwood Materials.
