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HISTORICAL P100 / #38

Crusoe Energy

AI Cloud Infrastructure · United States

Historical ranking valuation$10.0BSource snapshot: Jun 19, 2026
Financing events11
Named participants46
Captables stories3

Disclosed primary funding in this record

$2.5B

Sum of non-overlapping disclosed USD amounts in confirmed primary financing entries in this record, including separately labeled equity components; not verified lifetime funding. Excludes amounts already included in a later round, announced, reported, database-only, debt, secondary and unclassified events.

6 confirmed primary rounds with disclosed USD amounts · Record through 2026-11-01
THE BUSINESS

Get to know Crusoe Energy.

Crusoe develops and operates AI infrastructure with an energy-first approach. It describes finding power sources, building and managing large data centers, and offering an AI cloud platform; the historical catalog uses its former Crusoe Energy label.

Crusoe company overview ↗Source checked Sep 24, 2026

Valuation history

Valuations reported at the time of each round.

$30.9B post-moneySeries F (anticipated total; initial close announced) · AnnouncedSource ↗
Over $10BSeries E · ConfirmedSource ↗
$2.8BSeries D · ConfirmedSource ↗

Funding history

Funding rounds, debt and other financing events.

11sourced events · record as of 2026-11-01

The September 2026 anticipated $3.9B Series F disclosed an initial close but not its funded amount; the full target is not counted. Crusoe later said its $1.375B Series E closed. The $40M project facility is listed once despite 2019 and 2021 references; expandable 2022 credit capacity is not equity or drawn proceeds. The issuer-distributed 2019 seed was $4.5M, not the imported $5M. This is not a complete legal financing register or cap table. Headline association; not a reviewed issuer link. Unlinked article observations are not independently reconciled financing events. This is covered public-source history, not an exhaustive issuer ledger.

Sep 17, 2026LATEST SOURCED
primary

Series F (anticipated total; initial close announced)

Atreides Management (lead) · Mubadala Capital (lead) · Valor Equity Partners (lead) · Founders Fund · GIC · NVIDIA · Qatar Investment Authority · Radical Ventures · +1 more

Issuer disclosed an initial close of an anticipated $3.9B round, not the amount funded at the initial close. Additional named participants appear in the issuer release; the list here is not exhaustive.

Amount$3.9B anticipated total; initial close undisclosedValuation$30.9B post-money
Oct 24, 202508
primary

Series E

Valor Equity Partners (lead) · Mubadala Capital (lead) · 137 Ventures · 1789 Capital · Activate Capital · Altimeter Capital · Atreides Management · Fidelity Management & Research Company · +13 more

October release said initial closing of anticipated total; issuer's May 2026 impact retrospective says the $1.375B Series E closed at a valuation exceeding $10B. Excludes Blue Owl funds described as expected in a later closing.

Amount$1.375BValuationOver $10B
Dec 12, 202407
primary

Series D

Founders Fund (lead) · Fidelity · Long Journey Ventures · Mubadala · NVIDIA · Ribbit Capital · Valor Equity Partners

Amount$600MValuation$2.8B
Apr 21, 202206
primary

Series C

G2 Venture Partners (lead) · Valor Equity Partners · Lowercarbon Capital · Polychain Capital · Bain Capital Ventures · Founders Fund · Winklevoss Capital · Zigg Capital · +5 more

Issuer closed $350M equity plus separate credit facilities expandable up to $155M. The database's $1.8B valuation was not stated in the issuer release.

Amount$350MValuationUndisclosed
Apr 21, 202205
debt

Corporate credit facilities (expandable capacity)

SVB Capital · Sparkfund · Generate Capital

AmountUp to $155M capacity; drawn amount undisclosedValuationUndisclosed
Apr 26, 202104
primary

Series B

Valor Equity Partners (lead) · Lowercarbon Capital · DRW Venture Capital · Founders Fund · Bain Capital Ventures · Coinbase Ventures · Polychain Capital · KCK Group · +5 more

The release also refers to a $40M Upper90 project-financing facility; the 2019 issuer release described $40M project financing with Upper90. The two references are not added as distinct facilities without more evidence.

Amount$128MValuationUndisclosed
Dec 6, 201902
debt

Project financing (Upper90)

Upper90 (lead)

Project finance, not issuer equity; the 2021 $40M Upper90 facility reference may overlap and is not summed a second time.

Amount$40M project financing; deployment undisclosedValuationUndisclosed
May 3, 201901
primary

Seed

Bain Capital Ventures (lead) · Founders Fund Pathfinder (lead) · Wicklow Capital · Winklevoss Capital · Dragonfly Capital Partners

The May 3 issuer-distributed release says the $4.5M seed had closed and brought funding to date to $5.1M. The cumulative $5.1M is not a second round; the release does not disclose the earlier $600K's terms.

Amount$4.5MValuationUndisclosed

Financing participants

Investors, lenders and other parties named in funding announcements.

Atreides Management

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Lead participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Mubadala Capital

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Lead participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Lead participant · primary · Confirmed · Confirmed source ↗

Valor Equity Partners

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Lead participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Lead participant · primary · Confirmed · Confirmed source ↗

Series D · Dec 12, 2024 · Participant · primary · Confirmed · Confirmed source ↗

Series C · Apr 21, 2022 · Participant · primary · Confirmed · Confirmed source ↗

Series B · Apr 26, 2021 · Lead participant · primary · Confirmed · Confirmed source ↗

Founders Fund

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Series D · Dec 12, 2024 · Lead participant · primary · Confirmed · Confirmed source ↗

Series C · Apr 21, 2022 · Participant · primary · Confirmed · Confirmed source ↗

Series B · Apr 26, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Series A · Dec 6, 2019 · Participant · primary · Confirmed · Confirmed source ↗

GIC

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

NVIDIA

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Series D · Dec 12, 2024 · Participant · primary · Confirmed · Confirmed source ↗

Qatar Investment Authority

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

Radical Ventures

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

TPG

Series F (anticipated total; initial close announced) · Sep 17, 2026 · Participant · primary · Announced · Announced source ↗

Activate Capital

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Altimeter Capital

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Fidelity Management & Research Company

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Franklin Templeton

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Salesforce Ventures

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Spark Capital

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

T. Rowe Price

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Tiger Global Management

Series E · Oct 24, 2025 · Participant · primary · Confirmed · Confirmed source ↗

Long Journey Ventures

Series D · Dec 12, 2024 · Participant · primary · Confirmed · Confirmed source ↗

G2 Venture Partners

Series C · Apr 21, 2022 · Lead participant · primary · Confirmed · Confirmed source ↗

Inclusive Capital Partners

Series C · Apr 21, 2022 · Participant · primary · Confirmed · Confirmed source ↗

Felicis Ventures

Series C · Apr 21, 2022 · Participant · primary · Confirmed · Confirmed source ↗

SVB Capital

Corporate credit facilities (expandable capacity) · Apr 21, 2022 · Participant · debt · Confirmed · Confirmed source ↗

Sparkfund

Corporate credit facilities (expandable capacity) · Apr 21, 2022 · Participant · debt · Confirmed · Confirmed source ↗

Generate Capital

Corporate credit facilities (expandable capacity) · Apr 21, 2022 · Participant · debt · Confirmed · Confirmed source ↗

Coinbase Ventures

Series B · Apr 26, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Upper90

Series B · Apr 26, 2021 · Participant · primary · Confirmed · Confirmed source ↗

Project financing (Upper90) · Dec 6, 2019 · Lead participant · debt · Confirmed · Confirmed source ↗

Founders Fund Pathfinder

Seed · May 3, 2019 · Lead participant · primary · Confirmed · Confirmed source ↗

Dragonfly Capital Partners

Seed · May 3, 2019 · Participant · primary · Confirmed · Confirmed source ↗

Ownership evidence

Opening ownership research…

Captables coverage

Deals / Captables

Crusoe confirms $3.9B Series F at a $30.9B valuation

Crusoe builds AI data-center campuses, modular computing systems and cloud services for companies training and running models. Its confirmed $3.9 billion Series F backs an expansion from giant campuses into factory-built systems.

Captables Newsroom · 43d ago
Deals / Captables

Crusoe's bigger reported round follows its AI cloud buildout

Crusoe provides the computers and managed services behind AI training and applications. Updated financing reporting puts a larger amount behind its capital-intensive effort to turn infrastructure into dependable customer capacity.

Captables Newsroom · 58d ago
Deals / Captables

Crusoe Energy's latest round: $1.4B Series E

Crusoe Energy's latest public financing record lists $1.4B in its Series E dated October 24, 2025 at a reported valuation of $10.0B. Captables places the event in the company's disclosed funding history.

Captables Newsroom · 58d ago
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