Denver-based Crusoe Inc., which designs artificial-intelligence data centers, announced the completion of a $3.9 billion late-stage financing at a $30.9 billion post-money valuation. The Series F round was headed by Atreides Management, Mubadala Capital and Valor Equity Partners, joined by over two dozen additional backers such as Nvidia Corp., Salesforce Ventures and Robinhood Ventures Fund among others.
Denver-based Crusoe builds AI data centers for tech firms, with its flagship project being a 1.2-gigawatt AI campus in Abilene, Texas, which Oracle Corp. will use to host workloads for OpenAI Group PBC. The company is also building a 900-megawatt site for Microsoft Corp. nearby.
Crusoe manufactures many of the electrical components that power its data centers in-house, including industrial controls and circuit breakers. They also make specialized enclosures to house these components, protecting them from dust and water.
For customers who don’t require a full data center, Crusoe offers a computing module called Spark, which combines graphics cards, storage equipment, and cooling systems in a container-size enclosure. Spark systems can run in areas without terrestrial networking infrastructure thanks to built-in satellite connectivity.
Crusoe offers its data center construction services alongside an AI-optimized cloud platform called Crusoe Cloud. The platform’s annualized revenue has increased by a factor of more than 20 over the past year, driven in part by a service called Managed Inference. This service enables users to run AI models without managing the underlying hardware, and has generated over $100 million in annualized recurring revenue since its launch.
Managed Inference uses a software engine called MemoryAlloy to cache frequently reused data, removing the need to generate it from scratch for every user request and speeding up processing. Crusoe claims this technology can provide a fivefold throughput increase for some workloads.
Crusoe has disclosed that it has more than 6 gigawatts of contracted data center capacity in the works, with some of this capacity to be located at a campus the company is building for Google LLC in Texas. They say their data center projects represent more than $140 billion in contracted revenue.
Crusoe’s growth is comparable to other companies in the AI data center construction industry, which have also seen significant investment and expansion in recent years. This trend is driven by the increasing demand for AI computing power and the need for specialized infrastructure to support it.
Crusoe’s latest funding round is a significant milestone for the company. The $3.9 billion investment will be used to support the company’s continued growth and expansion. Crusoe plans to use the funds to build new data centers and expand its cloud services.
Crusoe’s success has also been driven by its partnerships with other companies in the industry. The company has partnered with Nvidia Corp., Salesforce Ventures, and Robinhood Ventures Fund, among others. These partnerships have provided Crusoe with access to new technologies and markets, and have helped the company to expand its customer base.