Crusoe raises $3.9 billion Series F for AI infrastructure

Crusoe said September 17, 2026 that it has reached the initial closing of an anticipated $3.9 billion Series F funding round at a $30.9 billion post-money valuation, as the company looks to expand its AI infrastructure business and build out more of its own AI factories.

The Denver-based company said the round was oversubscribed and co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. It also drew backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG.

Crusoe said it has more than $140 billion in total contracted value across its vertically-integrated platform. The company said the new capital will be used to scale existing programs and support the development of its AI factories, including large-scale campuses and modular Crusoe Spark units, as Crusoe Cloud grows.

"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity", said Chase Lochmiller, Co-founder and CEO of Crusoe. "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."

Capacity, cloud growth, and inference business

Crusoe said it has 6GW+ of gross contracted capacity across data centers and cloud, with 1 GW of gross capacity already delivered and operational. The company also said Crusoe Cloud bookings are up more than 20x+ year over year year to date.

It said Crusoe Managed Inference, launched late last year, has already contracted more than $100M in ARR. According to the company, adoption has continued to scale, supported by performance claims tied to its inference engine and Crusoe MemoryAlloyTM technology.

Crusoe said it has been recognized as a Gartner Magic Quadrant Visionary, ranked #1 for inference speed on Artificial Analysis, and named an NVIDIA Exemplar Cloud.

Energy-first strategy

The company said its AI factory model starts with an energy-first approach, originating and managing power directly at the source rather than treating power as a later-stage site constraint. Crusoe said its contracted capacity growth is supported by in-house power plant development capabilities and partnerships across grid, battery, nuclear, thermal, and renewable energy providers.

The company said it now has a workforce of more than 1,800 across five countries, with new offices in Bellevue, WA and New York City, and hiring underway in every geography where it operates.

"As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build", said Gavin Baker, Managing Partner and CIO of Atreides Management. "Chase and Cully are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next generation AI infrastructure."

"We joined Crusoe’s journey almost six years ago because they perfectly fit what we look for: pro-entropic founders taking a hard path to build a structurally advantaged company with frontier technology and operational discipline. They have exceeded expectations at every turn as their vision for the business expanded", said Antonio Gracias, Founder, CEO, and CIO of Valor Equity Partners. "This team has delivered mission-critical AI infrastructure for several of the world’s most sophisticated customers, earning the market’s trust to scale by orders of magnitude."

"As AI diffuses across the economy, compute infrastructure has become the foundation on which that shift is built. Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale. We have partnered with Crusoe since 2022, invested in every round since, and are proud to co-lead this round. What we've seen so far is only the beginning", said Ibrahim Ajami, Senior Partner, Head of Ventures, Mubadala Capital.

Modular buildout and customer demand

Crusoe said it has delivered and put into operation more than 1 GW of capacity across its portfolio. The company said its vertical integration strategy is intended to serve customers at different stages of their AI development and at different scales.

Crusoe also said OpenAI trained Astra, described by Crusoe as its first artificial general intelligence, at the Abilene campus that Crusoe designed and built.

The company manufactures Crusoe Spark modular data centers in the US and said those systems are central to expanding capacity more quickly. Crusoe said Spark deployments are designed for next-generation silicon and networking systems, can shorten construction timelines in the field from years to weeks, and allow customers to add capacity incrementally as demand grows.

Crusoe said customers including Cognition, Figure, and Perplexity are already using Crusoe Cloud.

Read the source