Crusoe closed a $3.9 billion Series F at a $30.9 billion post-money valuation, the company said, staking private capital on both hyperscale AI-factory campuses and modular Spark sites.
The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from investors including Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures, and TPG. Crusoe said the funding will help scale existing programs and expand its own AI factories—from large vertically integrated campuses to factory-built Spark modules that feed Crusoe Cloud.
Spark is Crusoe’s modular data-center line: containerized compute the company says it manufactures in the United States and can bring online in the field in weeks rather than years. That modular push sits beside Crusoe’s larger Texas footprint, including the Abilene campus TechCrunch and company materials link to OpenAI workloads. The raise also lands as Nvidia-backed peer Nscale advances a U.S. public listing path—private AI-infrastructure capital running alongside an IPO track for the same scarcity of power and GPUs.
Crusoe said it added Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure’s Bill Stein, and Redwood Materials founder JB Straubel to its board.