AI data centre company Crusoe, which is a fast-growing company that builds data centres for artificial intelligence, has raised more than $3 billion in new funding to expand AI Data Centres. According to reports by Bloomberg, the deal values the company at about $30 billion. The funding round is being led by Atreides Management and Valor Equity Partners. Mubadala Capital, an investment arm of Abu Dhabi’s Mubadala, is also investing in the company.
Crusoe was founded in 2018 by Chief Executive Officer Chase Lochmiller, Co-Founder, President, and Chief Strategy Officer Cully Cavness as a cryptocurrency mining business. It used natural gas that would otherwise be burned as waste to power its operations. Over time, Crusoe shifted its focus to AI data centres and cloud services.
Today, Crusoe provides the computing and data centre space companies developing AI need. Its customers include major technology companies such as Meta, Microsoft, OpenAI, and it also works with Oracle. One of its biggest deals so far is a five-year contract with trading company Jane Street. The deal is worth around $13 billion and will provide Jane Street with GPUs and other AI computing infrastructure.
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This funding by Crusoe comes less than a year after it raised $1.38 billion at a valuation of more than $10 billion. They said in June that it had contracts covering 4.9 gigawatts of computing power. Its total project pipeline was more than 40 gigawatts. It is also reportedly considering an IPO. It has recently held talks with investment banks about possibly going public in the near future.
