Crusoe, a developer and operator of large data‑center facilities that power artificial‑intelligence (AI) workloads, is reported to be in discussions to raise roughly $3 billion in a new funding round. Sources familiar with the situation say the capital infusion could triple the company’s valuation to about $30 billion, up from an estimated $10 billion valuation disclosed in October. The round is still being negotiated and a final valuation has not yet been confirmed.
The firm currently holds contracts to supply AI computing capacity to four major technology companies—Meta Platforms Inc., Oracle Corp., Microsoft Corp., and Alphabet Inc.’s Google. Under these agreements Crusoe has committed to deliver nearly 5 gigawatts (GW) of computing power, while its overall project pipeline exceeds 40 GW.
Meta’s agreement specifically covers computing capacity at two Crusoe data‑center sites located in Childress, Texas, and Warrenton, Missouri. Crusoe was originally founded in 2018 to capture excess natural‑gas flares for powering cryptocurrency mining operations, but it has since pivoted to focus on AI‑related infrastructure.
In June, Bloomberg reported that Crusoe’s development of a data‑center campus in Wyoming was paused after the company failed to secure customers, including Google. The campus developer indicated the project was “paused,” and sources said Google raised concerns about the costs and timetable associated with Crusoe’s plan, prompting pressure on Crusoe to exit the site.
The article was generated with AI assistance and reviewed by an editor.