Crusoe, a data center operator supplying AI computing power to Meta Platforms Inc and Oracle, is negotiating to raise $3 billion at a $30 billion valuation, according to Bloomberg. The valuation represents a threefold increase from the $10 billion disclosed last October. The funding will expand Crusoe's AI computing power infrastructure, which currently holds nearly 5 gigawatts under active contracts and 40 gigawatts across its full project pipeline. The global AI boom has driven surging demand for computing capacity, prompting infrastructure providers to scale operations rapidly.
Crusoe Pivots From Bitcoin Mining to AI Infrastructure
Crusoe was founded in 2018 to install modular data centers on oil and gas fields, using flared natural gas to power Bitcoin mining. The company sold its Bitcoin mining business to NYDIG last year and redirected its energy infrastructure expertise toward building large-scale data centers for artificial intelligence. The pivot occurred as demand for AI computing surged globally.
Crusoe Holds 5 Gigawatts Under Contract With 40-Gigawatt Pipeline
Crusoe disclosed it currently holds nearly 5 gigawatts of computing power tied to active execution contracts. The company's full project pipeline totals over 40 gigawatts, sufficient to support the electricity consumption of approximately 30 million U.S. households. The company did not disclose specific uses for the fundraising proceeds. Crusoe's previous funding round was co-led by Valor Equity Partners and Mubadala Capital.
Meta and Microsoft Sign Data Center Capacity Deals
Last month, Meta signed a deal to purchase capacity from Crusoe at data centers in Childress, Texas, and Warrenton, Missouri. Crusoe also maintains deals with Microsoft and Alphabet's Google. The contracts reflect increasing demand from major technology companies for dedicated AI computing infrastructure.
Crusoe Pauses Wyoming Data Center After Failing to Secure Customers
In June, Crusoe paused plans to build a data center in Wyoming after the project failed to secure customers, according to Bloomberg. Google reportedly raised concerns about costs and the timeline before the project was sidelined.
FAQ
What is Crusoe's new valuation in the current fundraising round?
Crusoe is negotiating to raise $3 billion at a $30 billion valuation, according to Bloomberg. This represents a threefold increase from the $10 billion valuation disclosed last October.
How much computing power does Crusoe currently control?
Crusoe holds nearly 5 gigawatts of computing power under active execution contracts and over 40 gigawatts across its full project pipeline. The 40-gigawatt pipeline volume can support the electricity consumption of approximately 30 million U.S. households.
Which companies have signed deals with Crusoe for AI computing capacity?
Meta signed a deal last month to purchase capacity at Crusoe data centers in Texas and Missouri. Crusoe also maintains deals with Microsoft and Alphabet's Google.
