Crusoe secured $3 billion in new funding at a $30 billion valuation, Bloomberg reported. The financing was co-led by Atreides Management and Valor Equity Partners and included participation from Mubadala Capital, the asset management arm of Abu Dhabi’s Mubadala sovereign wealth fund.
Funding context and market moves
Bloomberg also reported that the company recently signed a $13 billion, five-year cloud contract to supply Jane Street with GPUs and AI infrastructure. The fresh raise comes about 10 months after Crusoe closed a $1.38 billion round at a $10 billion valuation last October, according to the report.
Axios reported that Crusoe has held meetings with investment bankers, including Goldman Sachs and Morgan Stanley, to discuss a potential near-term IPO.
Company background and customers
Founded in 2018 as a crypto mining operation that used flared natural gas, Crusoe has pivoted into AI infrastructure and cloud services. The company is known for building hyperscale data center campuses for clients such as Oracle and OpenAI and counts Meta and Microsoft among its customers, Bloomberg reported.
The combination of a large new capital injection and a multibillion-dollar cloud contract positions Crusoe to expand its capacity to supply GPUs and related infrastructure to institutional clients, according to the published reports.
The funding round was reported to be co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital participating, and follows the $1.38 billion round at a $10 billion valuation completed last October.
Original source: TechCrunch AI