Data centre developer Crusoe announced on Thursday that it has secured $3.9 billion in a Series F funding round. This latest investment boosts the company's valuation to $30.9 billion.
The funding round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Other participants included Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
The eight-year-old company intends to use the fresh capital to finance existing data centre projects, such as a large site in Abilene, Texas, which is utilised by OpenAI. Funds will also go towards developing smaller, modular AI factories, known as Spark, which can be transported by truck and connected to power sources in various locations.
Crusoe's business model generates revenue by leasing data centre space to customers who provide their own GPUs, by renting out its own GPUs, and by selling compute power for running AI models. The company recently signed a $13 billion, five-year cloud contract to supply Jane Street with GPUs and AI infrastructure, according to Bloomberg.
New board members joining Crusoe include Cloudflare CFO Thomas Seifert, Bill Stein, partner and CIO at Primary Digital Infrastructure, and Redwood Materials founder and CEO JB Straubel. Straubel had previously invested in Crusoe in 2021.