- Crusoe raised over $3B at a $30B valuation, tripling its worth in ten months.
- Atreides Management and Valor Equity Partners co-led; Mubadala Capital joined.
- The raise follows a $13B Jane Street cloud deal and comes as Crusoe eyes an IPO.
Six years ago, Crusoe was burning off natural gas that oil companies couldn’t sell, using it to power crypto mining rigs in the middle of nowhere. Now it’s one of the most heavily capitalised private companies in AI infrastructure.
Crusoe has raised more than $3 billion at a roughly $30 billion valuation, according to Bloomberg, with Atreides Management and Valor Equity Partners co-leading the round and Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund, also participating.
The round marks a jump from the roughly $10 billion valuation Crusoe hit in October 2025, when it closed a $1.375 billion Series E that Tech Funding News covered at the time, bringing in Nvidia, Fidelity, and Founders Fund alongside Valor and Mubadala. TFN had also flagged talks toward this exact $30 billion figure back in July, so the deal closing now confirms a number that’s been circulating for two months.
From flared gas to frontier compute
Chase Lochmiller and Cully Cavness founded Crusoe in 2018, building a business that captures wasted natural gas from oil fields and converts it into power for portable data centres. That energy expertise turned out to be the company’s real asset once AI infrastructure became the thing everyone needed and nobody could build fast enough.
Crusoe sold off its bitcoin mining unit to NYDIG in early 2025 and now designs and operates full AI campuses rather than leasing space in someone else’s building. Its Abilene, Texas campus, built for OpenAI and Oracle, is the first phase of the Stargate project.
The Jane Street deal changes the scale
Bloomberg reported the round came together after Crusoe locked in a $13 billion, five-year contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure through Crusoe Cloud, reportedly the deal that pulled additional investors into the raise.
It’s a shift in what Crusoe actually sells, which puts the company squarely in competition with CoreWeave, Nebius, and Lambda, all three of which are either public or in the middle of a raise right now. Synergy Research Group puts total neocloud revenue at over $25 billion for 2025 and forecasts the market will approach $400 billion by 2031, a 58% annual growth rate that goes some way toward explaining why investors are willing to triple a private company’s valuation in under a year.
An IPO is looking less hypothetical
Axios reported last month that Crusoe had met with JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America to discuss a near-term listing , suggesting this is further along than a casual conversation. Nothing is confirmed. But between the fresh capital, the Jane Street contract, and now bank meetings, Crusoe looks like it’s positioning itself for public markets whether or not it says so out loud.
The company hasn’t disclosed what the new capital will be used for beyond continuing its build-out, and there’s a real gap between the demand it’s contracted for and what it can physically deliver.
That gap is the story to watch: whether Crusoe can turn paper contracts into running data centres faster than the AI compute crunch closes, or whether it ends up another cautionary tale about capital outrunning concrete.
