Crusoe, the Denver-based AI data center and cloud company, has completed a USD 3.9 billion Series F funding round at a valuation of $30.9 billion, with chipmaking giant Nvidia among the investors as the company pushes forward with a sweeping infrastructure expansion across North America.

The Jane Street Contract That Set the Stage

Just before the funding round was announced, Crusoe signed a landmark commercial deal with financial trading firm Jane Street for cloud services valued at USD 13 billion over five years.

The scale of that agreement established a significant revenue foundation ahead of the raise, giving investors a concrete signal of the long-term demand Crusoe is positioned to serve. Together, the contract and the Series F capital leave the company simultaneously funded and commercially anchored as it pursues an ambitious development pipeline.

Who Put Up the Money

The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Joining them were Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG, drawn from both new and existing investors in the company.

Nvidia's involvement stands out as a meaningful endorsement from the dominant force in AI chip supply.

The company's pattern of taking stakes in businesses that anchor key parts of the AI infrastructure ecosystem extends here to Crusoe, which operates at the intersection of large-scale power, physical data center development, and cloud services delivery.

Gavin Baker, managing partner and chief investment officer at Atreides Management, pointed to Crusoe's vertical integration as the defining rationale behind his firm's commitment. "As AI grows, the economics flow to the lowest-cost producer of intelligence.

Through a vertically-integrated model, Crusoe owns the entire value chain, a structural advantage that compounds as they build," Baker said. He also named co-founder and CEO Chase Lochmiller and CTO Cully Caveness as factors in the decision.

From Crypto Mining to AI Data Centers

Crusoe's current profile is a significant departure from where it began.

The company was founded in 2018 as a cryptocurrency mining operation before pivoting entirely away from that business, divesting its crypto assets and reorienting itself around AI-focused data centers and the cloud platform built on top of them. In addition to owning and operating its own facilities, the company also leases capacity from third-party providers to host its cloud platform, adding flexibility to its deployment strategy.

The moment that most publicly established Crusoe's credentials as a major infrastructure developer came through its role building OpenAI's first Stargate campus in Abilene, Texas. That project placed the company at the center of one of the most prominent AI infrastructure programs in the country.

A Six-Gigawatt Pipeline Across Multiple States

Crusoe currently claims 6 gigawatts of contracted capacity across its cloud and data center operations, with more than 1 gigawatt already operational.

The company is advancing multiple projects beyond Abilene, including a 1.4 gigawatt site elsewhere in Texas.

It has two sites under development in Missouri and is constructing natural gas-powered data centers in Alberta, Canada. Crusoe has also been named as a potential partner in a project in Nebraska. The pipeline has not expanded without limits.

The company recently withdrew from a planned development in Cheyenne, Wyoming, a decision that signals it is making deliberate choices about which sites to advance as it manages a capital-intensive slate of projects.

How the Company Describes Its Mission

Lochmiller connected the scale of the raise to a broader set of ambitions for what AI infrastructure could ultimately enable.

"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," he said. "

Getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction. This Series F lets us scale every layer for the world's most ambitious AI builders."

The phrase controlling the infrastructure from electrons to tokens captures Crusoe's stated strategy of owning as much of the stack as possible, from power supply and physical facilities through to cloud services delivered to end customers.

Baker's framing at Atreides mapped directly onto that logic, describing vertical integration as a structural advantage that compounds with continued growth.

Where This Sits in the Broader Capital Landscape

The Series F is among the larger private funding rounds recorded in the AI data center sector and the USD 30.9 billion valuation reflects the premium that investors are placing on companies able to combine development capabilities with the commercial relationships needed to anchor large, long-term projects. Crusoe's raise arrives at a moment when capital is flowing heavily into AI infrastructure, with demand from large-scale AI developers driving competition for both power capacity and the technical expertise to bring major facilities online.