Crusoe raises $3.9B Series F at $30.9B valuation

Crusoe said it completed the initial closing of a $3.9 billion Series F at a $30.9 billion post-money valuation — co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with NVIDIA, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, TPG and a long roster of others — to scale vertically-integrated AI infrastructure from power to cloud.

FINANCE desk — one of the largest same-day disclosed AI-infra raises of 2026, wiring nearly $4B into energy-to-tokens vertical integration and modular AI factories at a $30.9B mark.

The company calls the round oversubscribed. It was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG. File the $3.9 billion figure, the Series F label, the $30.9 billion post-money mark, the three co-leads, and those named participants as Crusoe’s. A longer additional-investor list — 1789 Capital through Zigg Capital — stays in Sources. This desk is not inventing a check size, an ownership split, or an NVIDIA chip-allocation promise. None of those was printed as a dollar split.

Use of proceeds, still company: the capital will help Crusoe scale existing programs and support the build-out of its own AI factories — large-scale, vertically-integrated campuses plus modular Crusoe Spark units — and fuel growth of Crusoe Cloud. Vertically integrated here means Crusoe says it owns the stack from power to cloud, not only rented GPUs. Spark, as Crusoe uses the name, is a factory-built modular data-center unit. File that scale-programs / AI-factories / Spark / Cloud picture as Crusoe’s. This desk did not walk a campus or watch a module leave a plant.

Scale claims on the same page — company-attributed, do not independently certify: more than $140 billion in total contracted value, or TCV, across the platform; more than 6 gigawatts of gross contracted capacity across data centers and cloud, including 1 gigawatt delivered and operational; more than 20x year-over-year growth in Crusoe Cloud bookings year to date; and more than $100 million of annual recurring revenue, or ARR, already contracted on Crusoe Managed Inference, a hosted service that runs finished models for live traffic. A gigawatt is a billion watts — a very large slice of electricity. File those $140 billion / 6 GW / 1 GW / 20x / $100 million ARR lines as Crusoe’s. Reuters repeats the $140 billion TCV and 6 GW / 1 GW capacity lines the same day. This desk did not sit on the backlog or meter a hall.

Named voice on the release: Chase Lochmiller, co-founder and CEO of Crusoe. He says AI abundance requires “controlling the infrastructure from electrons to tokens,” and that this Series F lets Crusoe scale every layer for the world’s most ambitious AI builders. File the name, title, and that electrons-to-tokens line as his, via Crusoe. His other sentences stay in Sources. Co-lead quotes from Atreides, Mubadala, and Valor stay in Sources as color.

Same-day, secondary to the raise: Crusoe also named three new board members — Cloudflare chief financial officer Thomas Seifert; Bill Stein, Executive Managing Director and Chief Investment Officer of Primary Digital Infrastructure and former CEO of Digital Realty Trust; and Redwood Materials founder and CEO JB Straubel. That is Crusoe’s separate board release, dated September 17, 2026 and also datelined DENVER. TechCrunch repeats the three names the same day. File the appointments and those titles as Crusoe’s board page, with TechCrunch as same-day corroboration. This desk did not sit in a board meeting.

Same-day TechCrunch: the fresh capital will help 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 transported by truck and connected to large power sources. TechCrunch says Crusoe manufactures those Spark modules at its own facilities. File the Abilene / OpenAI / trucked-to-power Spark picture as TechCrunch’s. Extra wire-only color stays in Sources and is not used as a company-confirmed dollar term.

Plain English for the rest of the card: Series F = a late growth-equity round, cash in after earlier lettered rounds. post-money valuation = company value after the new cash is counted. AI factory = Crusoe’s name for a large campus that turns power into training and inference. Spark = factory-built modular data-center units Crusoe says it builds in-house. TCV = total contracted value, a backlog of signed contract dollars — not cash already collected. GW = gigawatt, a billion watts. ARR = annual recurring revenue, a yearly run-rate from contracted subscriptions. Crusoe Cloud = the company’s rented AI compute service. Managed Inference = Crusoe’s hosted service that runs finished models for live user traffic. vertically integrated here = Crusoe says it owns the stack from power to cloud. This is a disclosed company raise, not a stock listing and not investment advice.

PRIMARY here: Crusoe’s 17 Sep 2026 company newsroom — Tier A PRIMARY company source, the original record. Reuters is same-day independent Tier B confirm of the $3.9 billion / $30.9 billion post-money mark, the three co-leads, and the $140 billion TCV / 6 GW / 1 GW lines. TechCrunch is same-day Tier C corroboration of the round, the co-leads, the named alongside backers, the Abilene / OpenAI campus, and Spark modules trucked to power. The board appointments are a same-day Crusoe secondary release, not a substitute primary for the raise. The initial close, the $3.9 billion Series F, the $30.9 billion post-money valuation, the Atreides / Mubadala / Valor co-leads, Founders Fund / GIC / NVIDIA / QIA / Radical Ventures / TPG, the AI-factory / Spark / Cloud spend plan, the $140 billion TCV / 6 GW+ / 1 GW / 20x Cloud bookings / $100 million Managed Inference ARR claims, and the Lochmiller electrons-to-tokens line are company-attributed. Prior “talks” chatter is superseded by this closed company primary. NOT claimed: an IPO date, Jane Street contract dollars as company-confirmed, an NVIDIA chip-allocation schedule, independently audited TCV or ARR, that this desk saw a term sheet or walked a Spark line, a stock tip, or investment advice. Distinct from the already-filed crusoe-perplexity-partnership, nvidia-vera-rubin-nvl72-mlperf, emerald-ai-google-nvidia-aema, and mind-72m-series-b.