Crusoe Reportedly in Talks to Raise $3 Billion at About $30 Billion Valuation

Crusoe is reportedly in talks to raise about $3 billion in a funding round that could value the AI data center developer at around $30 billion.

The round has not been finalized and the valuation may still change, according to a Bloomberg report late last week citing people familiar with the discussions. A deal near that level would roughly triple Crusoe’s valuation from about $10 billion in October, underscoring how quickly investor appetite has grown for companies able to deliver large-scale power and data center capacity for artificial intelligence workloads.

Crusoe, founded in 2018, originally built its business around using excess natural gas from energy fields to power crypto-mining operations. It has since shifted toward AI infrastructure, building and operating large data centers for customers that need computing capacity to train and run AI systems.

The company said last month that it had contracts for nearly 5 gigawatts of computing power and more than 40 gigawatts in its total project pipeline. That scale would put Crusoe among the most aggressive developers trying to meet a global shortage of power-ready data center capacity, as hyperscalers and AI companies compete for sites with access to large amounts of electricity.

Crusoe has contracts with major technology companies including Meta Platforms, Oracle, Microsoft and Alphabet’s Google, according to Bloomberg. Meta is under contract to buy computing capacity from Crusoe at data centers in Childress, Texas, and Warrenton, Missouri, Bloomberg reported in June.

The reported raise comes as AI infrastructure has become one of the most capital-intensive corners of the technology market. Developers are racing to secure land, grid connections, power equipment and customer contracts, while investors have pushed up valuations for companies that can turn energy assets into AI-ready data center campuses.

Crusoe’s expansion has also faced setbacks. Bloomberg reported in June that the company was being pushed aside at a Wyoming campus it had been developing after failing to secure customers including Google. Crusoe said it had paused the Wyoming project, though people familiar with the matter told Bloomberg that Google had raised concerns about the project’s cost and timeline under Crusoe’s watch.