Crusoe Raises $3.9 Billion to Build Data Centers and Modular AI Factories
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Crusoe, a data center developer, announced that it raised $3.9 billion in a Series F funding round, bringing its valuation to $30.9 billion. This round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG also participated. Additionally, Crusoe announced the addition of three new members to its board of directors, including Thomas Seifert, CFO of Cloudflare; Bill Stein, partner and CIO of Primary Digital Infrastructure; and JB Straubel, founder and CEO of Redwood Materials, who had already personally invested in the company in 2021. Crusoe became the first customer of Redwood's energy storage business.The funds raised will be used to finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI, as well as smaller modular AI factories that can be trucked and connected to large power sources almost anywhere. By manufacturing these modular data centers, called Spark, in its own facilities, Crusoe can deploy computing capacity quickly and without the need for large construction workforces. These smaller centers could also help Crusoe circumvent, at least in part, another major obstacle faced by data center developers: resistance from local communities protesting massive complexes near their neighborhoods.Crusoe co-founder and CEO...
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