Crusoe, the data center developer whose customers include Meta, Microsoft, and OpenAI, has closed a new EUR 3 billion funding round at a EUR 26 billion valuation, according to reports. The raise marks a sharp jump in the company’s value as demand for AI infrastructure continues to accelerate.
Who Is Backing the Round
The financing is being co-led by Atreides Management and Valor Equity Partners. Additional participation comes from Mubadala Capital, the asset management arm of Abu Dhabi’s sovereign wealth fund, Mubadala.
The new capital arrives just 10 months after Crusoe raised EUR 1 billion at a EUR 9 billion valuation last October. That timeline underscores how quickly the company’s valuation has tripled, reflecting the intense investor appetite for firms building the physical backbone of AI infrastructure.
From Crypto Mining to Hyperscale Data Centers
Founded in 2018, Crusoe began as a crypto mining operation powered by flared natural gas. The company has since repositioned itself as a major AI infrastructure and cloud provider. Today it is best known for developing hyperscale data center campuses for clients such as Oracle and OpenAI.
That pivot has translated into large commercial deals. Crusoe recently signed a EUR 11 billion, five-year cloud contract to supply quantitative trading firm Jane Street with GPUs and AI infrastructure.
A Possible IPO on the Horizon
The fundraise adds to signs that Crusoe is preparing for a larger public step. The company recently met with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO.
Crusoe’s growth reflects a broader wave of spending on compute capacity, as leading AI developers race to secure the GPUs and data center space needed to train and run advanced models. With Meta, Microsoft, OpenAI, and Oracle among its customers, Crusoe has positioned itself at the center of that buildout. The latest round values the company at EUR 26 billion.
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Image: techcrunch.com
