Data center developer Crusoe raises $3B at $30B valuation
What's the story
Crusoe, a leading data center developer and client of tech giants like Meta, Microsoft, and OpenAI, has raised $3 billion in its latest funding round. The company's valuation has skyrocketed to an impressive $30 billion. Atreides Management and Valor Equity Partners co-led the investment round with participation from Mubadala Capital, the asset management arm of Abu Dhabi's sovereign wealth fund Mubadala.
Business expansion
Crusoe inks $13B cloud deal with Jane Street
Crusoe recently signed a major five-year cloud deal worth $13 billion with quantitative trading firm Jane Street. The contract will see Crusoe provide GPUs and AI infrastructure to the firm.
This latest funding round comes nearly a year after Crusoe raised $1.38 billion at a valuation of $10 billion in October last year.
Company transformation
From crypto mining to AI infrastructure: Crusoe's transformation
Founded in 2018, Crusoe started as a crypto mining operation using flared natural gas. However, the company has since transformed into a major player in the AI infrastructure and cloud space.
It is now known for building hyperscale data center campuses for clients such as Oracle and OpenAI.
Last month, Axios reported that Crusoe had met investment bankers from Goldman Sachs and Morgan Stanley to discuss a potential IPO in the near future.