AI-infrastructure operator Crusoe has closed a $3.9 billion Series F at a $30.9 billion post-money valuation, cementing its shift from crypto-adjacent flare-gas compute to purpose-built AI factories. The Denver-based company said Atreides Management, Mubadala Capital and Valor Equity Partners co-led the round announced September 17, 2026.
A round with the entire AI-capex food chain
The syndicate reads like an AI capex Rolodex: Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, TPG, ARK Invest, Baillie Gifford, Fidelity, Polychain Capital, Ribbit Capital, T. Rowe Price and Tiger Global all joined or added to their positions. NVIDIA's participation follows the two companies' deepening customer relationship on GB200 and GB300 systems.
The valuation is a step up from the roughly $30 billion figure that emerged in July, when reports of a $3 billion round first surfaced. Co-founder and CEO Chase Lochmiller said the platform now has more than $140 billion in total contracted value and 6+ GW of gross contracted capacity, of which about 1 GW is operational today.
Fueling AI factories and Crusoe Spark
Crusoe will pour the capital into two products: large, vertically integrated AI factory campuses like the Stargate build with OpenAI and Oracle, and Crusoe Spark, its US-manufactured modular data-center product designed to be trucked to sites with spare power. The company also runs Crusoe Cloud, a managed inference and fine-tuning stack that reported 20x year-over-year growth in cloud bookings.
The Series F cash lets Crusoe move on land, power and capex commitments that competitors like Delos Data and NVIDIA-backed Lambda are also racing to lock down.
The energy angle stays central
Crusoe's original wedge — pairing compute with stranded or cheap power — is more relevant than ever as hyperscalers hunt for gigawatts. The company recently paired with Aalo Atomics to co-develop a small-reactor-powered AI factory, and it is a customer for grid-flex tools like Emerald AI. Series F participants including QIA and Mubadala give it access to sovereign capital in the Gulf, where multi-gigawatt AI campuses are proliferating.
Reporting based on coverage from Crusoe, KuCoin and Unite.AI.