Crusoe raises $3 billion at $30 billion valuation, Bloomberg reports

Crusoe has raised $3 billion in a new funding round that values the data center developer at $30 billion, Bloomberg reported. The valuation is three times the $10 billion mark Crusoe reached only 10 months earlier, when it raised $1.38 billion in an October 2025 round. The jump reflects how much investors are now willing to pay for companies that build and operate the physical infrastructure behind AI computing, rather than the software running on top of it.

The new round is co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund Mubadala, also participating, according to Bloomberg. The fundraise follows close behind a separate deal: a $13 billion, five-year cloud contract under which Crusoe will supply quantitative trading firm Jane Street with GPUs (chips used to run AI models) and related data center infrastructure.

Crusoe counts Meta, Microsoft, and OpenAI among its other customers, the company says. It started in 2018 as a crypto mining operation powered by natural gas that would otherwise be flared, or burned off, at drilling sites. Since then it has pivoted into building hyperscale data center campuses for AI clients, including projects for Oracle and OpenAI.

The Jane Street contract is notable because it extends Crusoe’s customer base beyond the AI labs and cloud providers it has worked with previously. Jane Street is a quantitative trading firm, not a company primarily known for building AI models, and a $13 billion commitment from a financial firm suggests that demand for dedicated AI computing capacity is broadening across industries beyond the technology sector.

Crusoe has also met with investment bankers at Goldman Sachs and Morgan Stanley to discuss a potential initial public offering in the near term, Axios reported last month. Neither the company nor the banks have confirmed a timeline for any listing. Bloomberg’s report on the funding round did not specify how Crusoe plans to spend the new capital, and Crusoe had not issued its own statement on the raise as of publication.

What comes next will show up in two places: whether the IPO conversations with Goldman Sachs and Morgan Stanley turn into a formal filing, and whether other AI infrastructure builders announce valuations at a similar scale as investors compete for exposure to compute-heavy contracts like the one with Jane Street.