Crusoe, a data center development company, announced it has raised $3.9 billion in a Series F funding round, which now values the business at $30.9 billion. This round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from notable investors including Founders Fund, Nvidia, Qatar Investment Authority, and others. The company also revealed three new board members, such as Cloudflare CFO Thomas Seifert and Redwood Materials CEO JB Straubel, strengthening its leadership team.

The fresh capital will support Crusoe’s ongoing projects, including a major data center in Abilene, Texas, serving OpenAI, as well as the expansion of smaller, modular data centers known as Spark. These transportable AI factories can be quickly deployed by truck near significant power sources, offering an advantage by reducing the need for large onsite construction teams. This approach also aims to mitigate community resistance often faced by traditional large-scale data centers.

Founded in 2018 initially as a crypto mining operation leveraging flared natural gas, Crusoe pivoted to focus on AI infrastructure amid soaring demand for computing capacity. The company generates revenue through leasing data center space to customers for their GPUs, renting its own GPUs, and selling AI compute power for model inference. This diversified model has positioned Crusoe as a leading AI infrastructure provider, with notable clients like Meta, Microsoft, and Oracle.

Recently, Crusoe secured a $13 billion, five-year contract to supply AI infrastructure and GPUs to quantitative trading firm Jane Street. The company has also been in talks with major investment banks, including Goldman Sachs and Morgan Stanley, about a potential initial public offering. This latest fundraising comes just 10 months after a significant $1.38 billion round valuing the company at $10 billion, highlighting rapid growth driven by the AI boom.