Crusoe, a data center developer, revealed on Thursday that it has secured $3.9 billion in a Series F funding round, bringing its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with additional participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.

The company also introduced three new board members: Thomas Seifert, CFO of Cloudflare; Bill Stein, partner and CIO at Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials, who also serves on Tesla's board. Straubel has prior connections to Crusoe — he made a personal investment in the company in 2021, and Crusoe subsequently became the first customer of Redwood's energy storage division.

This fresh capital will support existing data center projects, such as a major facility in Abilene, Texas, that serves OpenAI, along with smaller modular AI factories that can be hauled by truck and hooked up to large power sources virtually anywhere. By producing these modular data centers — branded as Spark — at its own plants, Crusoe is able to roll out compute capacity rapidly without requiring large construction crews. These compact centers could also help Crusoe partially avoid another significant hurdle for data center builders: resistance from local communities objecting to enormous complexes near their homes.

Crusoe's co-founder and CEO, shown above, stated that he believes AI will bring about an era of abundance, but achieving that will require "controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction."

The company generates revenue through three channels: leasing data center space to customers who supply their own GPUs, renting out its own GPUs, and selling compute power for running AI models, known as inference. This three-part business model has propelled Crusoe into the ranks of the most valuable AI infrastructure firms.

Crusoe recently finalized a $13 billion, five-year cloud agreement to provide quantitative trading firm Jane Street with GPUs and AI infrastructure, according to Bloomberg. The company also recently held meetings with investment bankers, including Goldman Sachs and Morgan Stanley, to explore a potential IPO in the near future, Axios reported last month.

This latest fundraise arrives 10 months after Crusoe pulled in $1.38 billion at a $10 billion valuation last October. Founded in 2018 as a crypto mining operation using flared natural gas, the company shifted toward AI infrastructure as demand for computing power surged. Crusoe's client roster includes Meta, Microsoft, and Oracle.