Crusoe reportedly in talks to raise $3 billion, tripling its valuation

Crusoe is reportedly in talks to raise about $3 billion in a new funding round that could triple its valuation to roughly $30 billion, according to Bloomberg News, which cited people familiar with the matter.

Crusoe did not respond to a request for comment, and no terms, structure or lead investors have been disclosed publicly.

That is a meaningful gap given the size of the number being discussed, and it means the eventual valuation, whatever form the round takes, could still shift by the time anything is signed.

The scale of the reported number is still striking against the backdrop of how quickly Crusoe has grown.

Less than a year separates its last confirmed valuation from a figure nearly three times higher, and that pace mirrors what has happened across the AI infrastructure sector more broadly, where capital has moved faster than the physical build-out of data centres it is meant to fund.

The company has moved a long way from its origins as a Bitcoin mining operation that burned off natural gas that would otherwise have been flared.

It sold that crypto business to NYDIG last year and has spent the period since building out data centres for AI workloads, a pivot that Meta’s own computing deals with Crusoe have helped validate.

Meta has committed to roughly 1.6 gigawatts of capacity across sites in Childress, Texas, and Warrenton, Missouri, and Oracle counts among Crusoe’s other named customers.

Crusoe’s last confirmed raise was a Series E of about $1.38 billion, closed in October at a valuation above $10 billion and co-led by Valor Equity Partners and Mubadala Capital.

That round drew a notably large investor roster, including Nvidia, Founders Fund, Fidelity, Salesforce Ventures, Tiger Global, T. Rowe Price, Franklin Templeton and Blue Owl, though none of those names have been confirmed as participants in the new discussions Bloomberg described.

If the reported $3 billion figure and $30 billion valuation hold, the jump from October’s round would represent one of the sharper valuation climbs among AI infrastructure firms this year.

The company says it has around 4.9 gigawatts of capacity under contract and a pipeline exceeding 40 gigawatts, figures it has disclosed on its own site rather than through independent audit.

That scale sits inside a wider financing boom for AI data centre operators, one that has also lifted rivals such as FluidStack, itself in talks to raise $1 billion at an $18 billion valuation, and pushed hyperscalers deeper into direct financing arrangements, including Meta’s $21 billion commitment to CoreWeave.

Investors chasing exposure to that build-out have shown little hesitation about writing large cheques on the strength of contracted capacity alone, even when the underlying data centres are still under construction.

Talk of an eventual Crusoe IPO has circulated since at least March, when Axios reported the company was weighing public markets as one option for future capital.

A $3 billion private round, if it closes anywhere near the terms described, would reduce the near-term pressure to go public and give Crusoe more room to build out the data centre capacity its customers are asking for.

Whether that changes the IPO timeline is not something any source has addressed, which leaves the question exactly where Bloomberg’s initial report left it.

What is firmer is the direction of travel. Crusoe has gone from a niche flare-gas miner to a company reportedly being discussed in the same breath as a $30 billion valuation in under two years, and the AI infrastructure financing market that made that possible shows no obvious sign of slowing.