Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform

DENVER - September 17, 2026 - Crusoe, the industry's first vertically-integrated AI infrastructure provider, today announced the initial closing of its anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG.

With over $140 billion in total contracted value (TCV) across its vertically-integrated platform, the additional capital will help Crusoe scale its existing programs and support the build out of its own AI factories, from large-scale, vertically-integrated campuses to modular Crusoe Spark units, fueling the rapid growth of Crusoe Cloud. Operating the entire value chain enables Crusoe to serve customers across the AI ecosystem at the speed the market requires and has come to expect from Crusoe's execution.

"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."

"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."

Additional investors in the round include: 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT & MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management & Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I (RVI), SemiAnalysis, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price¹, Tiger Global, Upper90, Van Eck, XN, and Zigg Capital.

The numbers behind Crusoe's momentum

• $140B+ TCV across Crusoe's vertically-integrated platform serving AI native, hyperscaler, frontier model, and enterprise customers.
• 6GW+ of gross contracted capacity across data centers and cloud, including 1 GW of gross capacity delivered and operational today.
• 20x+ year over year growth in Crusoe Cloud bookings YTD.
• Launched Crusoe Managed Inference late last year, and have already contracted over $100M in ARR. Adoption continues to rapidly scale given its up to 9.9x faster time-to-first-token and 5x higher throughput vs. vLLM with Crusoe's inference engine, powered by Crusoe MemoryAlloy^TM technology.
• Independently recognized: a Gartner Magic Quadrant Visionary, #1 for inference speed on Artificial Analysis, and an NVIDIA Exemplar Cloud.

Energy-First Momentum

At the foundation of Crusoe's AI factory model is an energy-first strategy. Conventional data center developers treat power as a constraint to navigate after site selection. Crusoe starts there instead, originating and managing power directly at the source, and the advantage compounds through every layer Crusoe owns.

Momentum across this vertically-integrated business has accelerated year to date. Contracted capacity has grown to over 6 GW. Behind it is an energy strategy powered by Crusoe's in-house power plant development capabilities paired with partnerships spanning grid, battery, nuclear, thermal and renewable energy providers. Crusoe Cloud continues to innovate up the stack, with strong adoption across its infrastructure-as-a-service, serverless fine-tuning and self-serve inference products. Additional cloud adoption will be supported by the scalable, predictable capacity that Crusoe Spark's modular data centers deliver. All of this is driven by a workforce over 1,800 strong across five countries, including new offices in Bellevue, WA and New York City, with hiring underway in every geography where Crusoe operates.

"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.

Executing at Scale to Support Customer Demand

Crusoe has a proven track record of execution with over 1 GW of capacity delivered and operational across its portfolio. Crusoe's vertical integration strategy in practice means the company meets customers wherever they are in their AI journey, at any scale. Crusoe is built to serve a diverse set of customers, from hyperscalers to AI natives, on a platform that enables growth and scales with customers as their needs shift. That capability is why OpenAI trained Astra, its first artificial general intelligence, at the Abilene campus Crusoe designed and built, demonstrating how Crusoe enables breakthrough technology.

The company manufactures Crusoe Spark modular data centers in the US, and they are a critical growth engine for expanding and accelerating access to intelligence. This helps Crusoe achieve speed and certainty of capacity energization while also lowering costs relative to conventional construction techniques. Designed for the next generation of silicon and networking systems, Crusoe Spark deployments are highly scalable and shorten the timeline of data center construction in the field from years to weeks. Modularity also offers customers the ability to incrementally grow capacity over time as workloads and demand require incremental capacity additions. Crusoe Spark's benefits of speed, cost, flexibility, and deployment predictability will further enable Crusoe Cloud's pace of growth. Today, customers including Cognition, Figure, and Perplexity are already innovating on Crusoe Cloud.
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Read how Crusoe does all of this with a commitment to the communities where it operates: https://www.crusoe.ai/about/communities.

About Crusoe

As the AI factory company, Crusoe is on a mission to accelerate the abundance of energy and intelligence. The company provides a reliable, scalable, cost-effective, energy-first solution for AI infrastructure. By harnessing large-scale energy sources, building AI-optimized data centers, and delivering a powerful AI cloud platform, Crusoe empowers its customers and partners to build the future faster. For more information, visit crusoe.ai.

¹_{Accounts advised by T. Rowe Price Associates, Inc.}