Crusoe announces first closing of Series F funding, post-money valuation reaches $30.9 billion

AI infrastructure company Crusoe announced Thursday that it has completed the first closing of its planned $3.9 billion Series F funding round, with a post-investment valuation of $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Nvidia, GIC, and the Qatar Investment Authority. The company did not disclose the specific amount of the first closing. Crusoe said the new funds will support existing projects and the construction of its own AI facilities, including its large data center in Abilene, Texas, as well as a modular facility called Spark. Spark is manufactured by the company itself and can incrementally add computing power; Crusoe said this approach helps shorten on-site construction time. The company also offers data center space, GPU leasing, and model inference computing services. Crusoe also appointed Cloudflare Chief Financial Officer Thomas Seifert, Primary Digital Infrastructure Chief Investment Officer Bill Stein, and Redwood Materials founder and CEO JB Straubel as independent directors. According to media reports, the company recently discussed a potential IPO with investment banks and signed a five-year cloud services contract with Jane Street valued at approximately $13 billion; neither the IPO plans nor the contract details were confirmed by this funding announcement.