Crusoe raised $3.9 billion in a Series F round at a $30.9 billion post-money valuation, the company said in a press release. Atreides Management, Mubadala Capital and Valor Equity Partners co-led the round, with Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures and TPG among the other backers.
The money funds two different bets, TechCrunch reported: continued build-out of large, vertically integrated campuses like the one in Abilene, Texas that OpenAI uses, and smaller, modular "Spark" data centers that can be trucked to a power source instead of requiring new power infrastructure to be built to the site.
CEO Chase Lochmiller said achieving what he called an era of abundance through AI "means controlling the infrastructure from electrons to tokens," according to the press release. Crusoe reported more than $140 billion in total contracted value across its platform and has added three new board members, including Redwood Materials founder JB Straubel.
Every AI company selling a product ultimately rents compute from someone. The more money flows into firms racing to build and own that compute directly, the more the actual bottleneck for AI products looks like power and steel, not model weights.