Crusoe announced the initial close of a $3.9 billion Series F at a $30.9 billion post-money valuation, turning earlier fundraising reports into an official deal. Atreides Management, Mubadala Capital and Valor Equity Partners co-led the round. The Denver company builds the physical and software infrastructure that technology companies use to train and run AI models.
At the largest scale, Crusoe develops entire data-center campuses and makes many of their electrical components in-house. Its 1.2-gigawatt Abilene campus is intended for Oracle to host OpenAI workloads, while another 900-megawatt site nearby is being built for Microsoft. Crusoe also offers computing through its Crusoe Cloud platform.
Spark takes that infrastructure in the other direction. Crusoe assembles the modular data centers in factories, loads them with graphics processors, storage and cooling equipment, then trucks them to locations with available power. Satellite connectivity lets the container-sized systems operate where terrestrial networks are limited. Crusoe says factory production can reduce on-site construction from years to weeks.
Its Managed Inference service lets developers run trained models without operating the underlying hardware. MemoryAlloy, a software layer, caches information that models reuse instead of generating it again for every request. Crusoe says the service exceeded $100 million in contracted annual recurring revenue within a year of launch, while its broader cloud bookings increased more than twentyfold year over year.
Crusoe reports more than $140 billion in total contracted value and over 6 gigawatts of gross contracted capacity, including 1 gigawatt already operating. That breadth has also created tension: TNW relayed Wall Street Journal reporting that Crusoe’s board had suggested narrowing the company’s focus as it pursued data centers, graphics processors and AI-compute output together.