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BackCrusoe raises $3 billion at $30 billion valuation, backed by Meta, Microsoft, OpenAI
Crusoe raises $3 billion at $30 billion valuation, backed by Meta, Microsoft, OpenAI
BREAKING
TechCrunch46 minutes agoBusiness1 min readUnited States

Crusoe raises $3 billion at $30 billion valuation, backed by Meta, Microsoft, OpenAI

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Quick Look

  • Crusoe, a data center developer backed by Meta, Microsoft, and OpenAI, has raised $3 billion at a $30 billion valuation, co-led by Atreides Management and Valor Equity Partners with participation from Mubadala Capital.
  • The round follows a $13 billion, five-year cloud contract with Jane Street for GPU and AI infrastructure, and comes 10 months after a $1.38 billion round at a $10 billion valuation.
  • Founded in 2018 as a crypto mining operation using flared natural gas, Crusoe has pivoted to become a major AI infrastructure provider.

AI-generated summary

Why It Matters

Crusoe was launched in 2018 as a crypto mining operation powered by flared natural gas. The company has since pivoted to become a major AI infrastructure and cloud provider, developing hyperscale data center campuses for clients including Oracle and OpenAI.

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Data center developer Crusoe, which counts Meta, Microsoft, and OpenAI as its customers, has raised a new $3 billion round at a $30 billion valuation, Bloomberg reported.

The deal is being co-led by Atreides Management and Valor Equity Partners, and includes participation from Mubadala Capital, the asset management subsidiary of Abu Dhabi’s sovereign wealth fund Mubadala.

The company recently signed a massive $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, Bloomberg reported.

The fresh fundraise comes 10 months after Crusoe raised a $1.38 billion round at a $10 billion valuation last October.

Launched in 2018 as a crypto mining operation powered by flared natural gas, Crusoe has since pivoted into a major AI infrastructure and cloud provider that is best known for developing hyperscale data center campuses for clients like Oracle and OpenAI.

What to Watch

AI outlook — possibilities, not facts

  • Crusoe will announce additional major AI infrastructure contracts with hyperscalers or financial institutions within the next 6 months

    Likely · Within months

  • Crusoe will expand its use of stranded or flared natural gas power sources for new data center campuses

    Likely · Within months

Open Questions

  • What is Crusoe's current revenue run rate?
  • How much of the $3 billion has been committed versus pending closing?
  • What specific AI infrastructure services will Crusoe provide to Jane Street under the $13 billion contract?

Related Topics

crusoe
OrganizationsCrusoeMetaMicrosoftOpenAI
PlacesUnited StatesAbu Dhabi
Topicsmetamicrosoftopenaiatreides managementvalor equity partnersmubadala capital
This article was originally published by TechCrunch.

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