Crusoe Raises $3.9 Billion Series F at $30.9 Billion Valuation to Expand AI Infrastructure and Deploy Modular Spark Data Centers

Crusoe announced on September 17 the initial closing of a $3.9 billion Series F funding round at a $30.9 billion post-money valuation, co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG. The Denver-based AI infrastructure provider now has over 140 billion dollars in total contracted value across its vertically integrated platform and more than 6 gigawatts of gross contracted capacity, with 1 gigawatt already delivered and operational. The funding will accelerate expansion of Crusoe's AI factories, from large-scale vertically integrated campuses to modular Crusoe Spark units that can be manufactured in US facilities and deployed in weeks rather than years. OpenAI trained GPT-6 Astra, which the company calls its most intelligent and aligned model to date, at the Abilene campus Crusoe designed and built. The company reported 20x year-over-year growth in Crusoe Cloud bookings year to date, and its Managed Inference offering launched in late 2025 has already contracted over 100 million dollars in annual recurring revenue. The valuation represents a threefold increase from the company's October 2025 raise of 1.38 billion dollars at 10 billion dollars, accomplished in just ten months. Crusoe also appointed three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner and CIO Bill Stein, and Redwood Materials founder and Tesla board member JB Straubel. The company now employs over 1,800 people across five countries, with new offices in Bellevue, Washington and New York City. This matters because Crusoe's vertical integration strategy from energy generation to AI cloud services represents a structural shift in how hyperscale AI infrastructure is built and deployed, addressing the industry's most acute constraint: the speed at which compute capacity can be energized and brought online. The modular Spark architectu