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Crusoe Raises $3.9 Billion Series F at $30.9 Billion Valuation to Expand Its Vertically Integrated AI Infrastructure Stack

Crusoe's oversubscribed round, co-led by Atreides, Mubadala and Valor, funds modular Spark data centers and its Managed Inference platform, which claims to outpace vLLM.

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Crusoe AI infrastructure GPU cloud data centers inference vLLM funding
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Overview

AI infrastructure company Crusoe said Thursday it raised $3.9 billion in a Series F round that pushes its valuation to $30.9 billion, according to TechCrunch. The oversubscribed round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with significant participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG, according to Pulse 2.0.

The raise comes 10 months after Crusoe closed a $1.38 billion round at a $10 billion valuation last October, according to TechCrunch — roughly tripling the company’s valuation in under a year.

What We Know

  • Crusoe was founded in 2018 as a crypto-mining operation powered by flared natural gas before pivoting to AI infrastructure as compute demand grew, and its customers now include Meta, Microsoft and Oracle, according to TechCrunch.
  • The company makes money three ways: leasing data center space to customers that bring their own GPUs, renting out its own GPUs, and selling inference compute used to run AI models, according to TechCrunch.
  • Crusoe says it now has more than $140 billion in total contracted value across the business and more than 6 gigawatts of gross contracted data center and cloud capacity, of which roughly 1 gigawatt has already been delivered and is operational, according to Pulse 2.0.
  • The new capital will help finance existing data center projects, including a large site in Abilene, Texas used by OpenAI, as well as smaller modular “Spark” facilities that can be transported by truck and connected to power sources almost anywhere, according to TechCrunch. Crusoe manufactures the Spark units itself, which the company says can shorten portions of the field-construction timeline from years to weeks, according to Pulse 2.0.
  • On the tooling side, Crusoe Cloud bookings have grown more than 20-fold year over year in 2026 to date, and Crusoe Managed Inference — which launched in late 2025 — has already surpassed $100 million in contracted annual recurring revenue, according to Unite.AI. Crusoe says its inference stack, built on technology it calls MemoryAlloy, delivers “up to 9.9x faster time-to-first-token and 5x higher throughput than vLLM,” the widely used open-source inference engine, according to Unite.AI — a claim independently corroborated by Pulse 2.0.
  • Crusoe has been named a Visionary in the Gartner Magic Quadrant, ranked first for inference speed by Artificial Analysis, and designated an Nvidia Exemplar Cloud, according to Pulse 2.0. Its customer base on Crusoe Cloud already includes Cognition, Figure and Perplexity, according to Pulse 2.0.
  • Crusoe also named three new board members: Cloudflare CFO Thomas Seifert; Bill Stein, partner and chief investment officer at Primary Digital Infrastructure; and Redwood Materials founder and CEO JB Straubel, who also sits on Tesla’s board and personally invested in Crusoe back in 2021, according to TechCrunch.
  • The company has also signed a $13 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure, and recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential IPO, according to TechCrunch.
  • Crusoe co-founder and CEO Chase Lochmiller said in a statement: “We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity. Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction. This Series F lets us scale every layer for the world’s most ambitious AI builders,” according to Pulse 2.0, corroborated by Unite.AI.
  • The company employs more than 1,800 people across five countries and recently opened offices in Bellevue, Washington, and New York City, according to Pulse 2.0.

What We Don’t Know

Crusoe has not disclosed a timeline or valuation target for a potential IPO beyond confirming banker meetings, and the company has not published independent, third-party benchmarks for its MemoryAlloy inference claims against vLLM — the comparison so far rests on the company’s own figures.

Analysis

Crusoe’s pitch has always been vertical integration: rather than just leasing GPUs like a typical neocloud, the company controls power generation, data center construction and cloud software in a single stack, an approach it calls “energy-first” infrastructure development. The Series F numbers suggest that strategy is translating into commercial traction beyond raw compute leasing — Crusoe Managed Inference’s jump to $100 million in contracted annual recurring revenue in under a year signals that inference-serving software, not just GPU rental, is becoming a meaningful part of the AI infrastructure market. Pairing a hardware-and-power buildout with proprietary inference tooling positioned against an open-source baseline like vLLM reflects a broader trend among AI infrastructure providers: differentiating not just on capacity but on how efficiently that capacity serves live inference workloads.