Crusoe just tripled its valuation in ten months. The data center developer, which counts Meta, Microsoft, and OpenAI among its customers, has closed a $3 billion round at a $30 billion valuation, according to Bloomberg. Atreides Management and Valor Equity Partners co-led the deal, with Mubadala Capital — the asset management arm of Abu Dhabi’s sovereign wealth fund — also participating. The speed of the re-rating is remarkable even by AI infrastructure standards: Crusoe raised $1.38 billion at a $10 billion valuation just last October.
The company’s trajectory is one of the stranger pivots in tech. Crusoe launched in 2018 as a crypto mining operation powered by flared natural gas, essentially monetizing what oil fields were burning off as waste. That’s a long way from where it sits now — developing hyperscale data center campuses for Oracle and OpenAI, and signing a five-year, $13 billion cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure. The Jane Street deal alone is larger than most data center companies’ entire revenue histories.
Crusoe’s rise tracks the broader scramble for AI compute. Hyperscalers and well-capitalized customers like Jane Street are signing multi-billion-dollar infrastructure deals years in advance because GPU supply remains the binding constraint on AI deployment. Crusoe has positioned itself as one of the few independent players capable of building at the scale these contracts demand, which is precisely what sovereign wealth funds like Mubadala are looking to back.
The company has also met with Goldman Sachs and Morgan Stanley to discuss a potential near-term IPO, Axios reported last month. A public offering at a $30 billion private valuation would test whether public markets are willing to pay AI infrastructure multiples that private investors have been handing out. Given that Crusoe was a crypto miner six years ago, the public market reception will say a lot about how much longer the AI infrastructure boom can run before someone asks harder questions about returns on all this capex.
