Crusoe, the data center developer building the first structures at Stargate’s Texas campus, has raised $3B at a $30B valuation, Bloomberg reported on September 3.
Atreides Management and Valor Equity Partners co-lead the round, with Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund, also participating. The raise lands ten months after Crusoe closed a $1.38B round at a $10B valuation.
Crusoe counts Meta, Microsoft, and OpenAI among its cloud customers and recently signed a five-year, $13B contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure. The company has also met with Goldman Sachs and Morgan Stanley about a possible IPO, Axios reported last month.
Launched in 2018 to mine crypto with flared natural gas, Crusoe pivoted into AI infrastructure and now develops hyperscale campuses for clients including Oracle and OpenAI. It is building the first facilities at the Abilene, Texas site that anchors Stargate, the OpenAI, SoftBank, and Oracle venture announced in January.
The deal is the latest sign of how much capital AI data center builders are absorbing as demand for compute outstrips supply, and it follows Boom Supersonic’s $300M fundraise to build natural-gas turbines for Crusoe sites.
