Crusoe Secures $3.9 Billion Series F at $30.9 Billion Valuation to Expand Truck-Delivered Data Centers

Denver-based AI infrastructure provider Crusoe has closed an oversubscribed $3.9 billion Series F financing round at a post-money valuation of $30.9 billion. The round, announced on Sept. 17, was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. The final raise exceeds the $3 billion target that was first reported by The Next Web in July.

The massive capital injection attracted a broad syndicate of 29 additional backers, including Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures, and TPG. Other notable participants included ARK Invest, Baillie Gifford, Fidelity, Salesforce Ventures, Tiger Global, and research firm SemiAnalysis. Chief Executive Chase Lochmiller, who co-founded the firm alongside President and Chief Strategy Officer Cully Cavness, framed the strategy as securing full ownership of the infrastructure chain, stretching from energy capture to model execution.

While Crusoe previously developed large-scale infrastructure—such as its Abilene data center campus in Texas, where OpenAI trained its Astra model—the company is increasingly betting on decentralized power access. Crusoe manufactures modular data centers, branded as Spark, inside its own factories. By trucking these self-contained units directly to locations with immediate power availability, the company claims it can cut site construction timelines from several years to a few weeks.

The operational pivot reflects changing demands as artificial intelligence moves from model creation to day-to-day serving. Operating inference workloads requires far fewer graphics processors than training base models, making massive centralized facilities excessive for localized deployment. To meet demand, Crusoe is establishing a manufacturing facility outside Denver designed to produce up to one gigawatt of Spark capacity per year. Smaller deployments are already functioning in Reno, Nevada, powered by solar arrays and recycled electric vehicle batteries.

The infrastructure push coincides with rapid commercial growth across Crusoe's product lines. The company reported more than $140 billion in total contracted value and over 6 gigawatts of gross contracted capacity, of which 1 gigawatt is currently operational. Cloud bookings expanded more than twentyfold year-over-year, while its managed inference service surpassed $100 million in contracted annual recurring revenue by the summer after starting from near zero early in 2026.

Crusoe now maintains a workforce of over 1,800 employees across five countries, recently opening secondary offices in Bellevue and New York. The business operates a multi-tiered revenue model spanning data center infrastructure sales, GPU compute rentals, and token consumption. However, the company's wide-ranging ambitions have at times drawn concern from its board of directors, who have urged management to refine its operational focus.

To strengthen governance alongside its expansion, Crusoe named three independent board members: Cloudflare Chief Financial Officer Thomas Seifert, former Digital Realty Chief Executive Bill Stein, and Redwood Materials founder JB Straubel. Seifert will serve as audit committee chair, while Straubel—a Tesla co-founder and former chief technology officer—brings microgrid expertise to Crusoe through Redwood Materials, which supplies solar integration and repurposed EV battery systems for Spark units.

The funding comes amid an industry-wide scramble to secure localized power for artificial intelligence capacity. On Sept. 10, off-grid AI energy provider TAR raised $120 million at a $1 billion valuation, while Crusoe recently secured a $13 billion cloud service contract with Jane Street. With regional utilities struggling to keep pace with data center expansion, mobile and off-grid power solutions are rapidly becoming critical infrastructure for AI developers.