Crusoe, which describes itself as the industry's first vertically integrated AI infrastructure provider, has closed the initial tranche of a USD 3.9 billion Series F funding round at a post-money valuation of USD 30.9 billion, the Denver-based company announced on September 17, 2026.

The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with additional backing from Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, and TPG.

A Broad Investor Coalition

The round attracted a wide field of institutional and strategic investors beyond its co-leads. Participants include 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT and MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management and Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I, SemiAnalysis Capital, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price, Tiger Global, Upper90, Van Eck, XN, and Zigg Capital.

Mubadala Capital's Ibrahim Ajami, who holds the title of Senior Partner and Head of Ventures, noted that his firm has partnered with Crusoe since 2022 and has invested in every funding round since. "What we've seen so far is only the beginning," Ajami said in a statement accompanying the announcement.

Antonio Gracias, Founder, Chief Executive, and Chief Investment Officer of Valor Equity Partners, said his firm joined Crusoe's journey nearly six years ago. "This team has delivered mission-critical AI infrastructure for several of the world's most sophisticated customers, earning the market's trust to scale by orders of magnitude," Gracias said.

The Scale of Crusoe's Contracted Business

Crusoe reported more than USD 140 billion in total contracted value across its vertically integrated platform, which serves AI-native companies, hyperscalers, frontier model developers, and enterprise customers.

The company says it has surpassed 6 gigawatts of gross contracted capacity across its data centers and cloud operations, with more than 1 gigawatt of that capacity already delivered and operational.

Crusoe Cloud, the company's cloud services unit, has seen bookings grow more than 20 times year over year through the date of the announcement. The company launched Crusoe Managed Inference late in the prior year and said it has already contracted more than USD 100 million in annual recurring revenue from that product.

Crusoe attributes the rapid uptake in part to performance claims tied to its proprietary inference engine, which it says is powered by Crusoe MemoryAlloy technology and delivers up to 9.9 times faster time-to-first-token and five times higher throughput compared to vLLM.

The company has received external recognition for those claims, noting it has been named a Gartner Magic Quadrant Visionary, ranked first for inference speed on Artificial Analysis, and designated an NVIDIA Exemplar Cloud.

An Energy-First Strategy at the Core

Central to Crusoe's business model is what the company calls an energy-first strategy. While the company characterizes conventional data center developers as treating power as a constraint to navigate after site selection, Crusoe says it starts instead by originating and managing power directly at the source.

The company says it has built in-house power plant development capabilities and has formed partnerships spanning grid, battery, nuclear, thermal, and renewable energy providers.

Crusoe Chief Executive and Co-founder Chase Lochmiller framed the rationale in sweeping terms. "Getting there means controlling the infrastructure from electrons to tokens," Lochmiller said, referring to the company's stated vision of AI enabling scientific breakthroughs and economic growth.

Gavin Baker, Managing Partner and Chief Investment Officer at Atreides Management, described the structural logic in competitive terms. "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.

Physical Infrastructure and Workforce Expansion

The new capital is intended to fund the buildout of what Crusoe calls AI factories, encompassing both large-scale vertically-integrated campuses and modular units the company brands as Crusoe Spark. The Spark units are described as modular data centers designed to deliver scalable and predictable capacity to support Crusoe Cloud's growth.

The company currently employs more than 1,800 people across five countries. Crusoe has opened new offices in Bellevue, Washington and New York City, and the company says hiring is underway in every geography where it operates.

Crusoe Cloud's product portfolio spans infrastructure-as-a-service, serverless fine-tuning, and self-serve inference offerings. The company's announcement described strong adoption across all three product lines, citing growth in both its managed and self-serve tiers.

Execution Record Cited as Foundation for Further Scaling

Throughout the announcement, Crusoe and its investors repeatedly pointed to the company's operational track record as a differentiator in a capital-intensive market where many competitors struggle to convert contracted capacity into live infrastructure.

With more than 1 gigawatt already delivered and operational, Crusoe said its vertical integration strategy is what allows it to serve customers at the speed the market demands.

The company said the additional capital from the Series F will help it scale existing programs while supporting the construction of new AI factory campuses and modular deployments. The announcement described the round as an initial closing, indicating further capital may be added to the round.

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