About Crusoe
Crusoe builds AI data centers and rents the computing power inside them to AI labs, big tech companies and other businesses. It secures a power source first and then builds next to it, from gigawatt campuses to modular Crusoe Spark units made in its own factory. Customers can lease space for their own chips, rent Crusoe's GPUs or pay it to run AI models.
Crusoe is based in Denver. CEO Chase Lochmiller and president Cully Cavness founded it in 2018. They started by turning wasted oilfield gas into power for bitcoin mining, and in 2025 Crusoe sold the mining business to NYDIG to focus on AI. It built the Abilene, Texas, campus that OpenAI uses, and its customers also include Microsoft, Google and Oracle. Crusoe has more than 6 gigawatts of capacity under contract and over 1,800 employees in five countries.
Funding Rounds (SEC Form D)
| First sale | Filed with SEC | Amount sold | Investors | Avg. check | Terms | Filing |
|---|---|---|---|---|---|---|
| Aug 31, 2026 | Sep 17, 2026 | $3,108,543,889of $3.90B target | 108 | $28.7M | EquityRule 506(b) | Form D ↗ |
| Jul 17, 2026 | Sep 17, 2026 | $595,943,098fully sold | 52 | $11.4M | Options, Securities on exerciseRule 506(b) | Form D ↗ |
| Oct 8, 2025 | Oct 23, 2025 | $1,027,378,596of $1.37B target | 71 | $14.4M | EquityRule 506(b) | Form D ↗ |
| Nov 6, 2024 | Nov 21, 2024 | $685,719,621of $817.7M target | 70 | $9.7M | Equity, Securities on exerciseRule 506(c) | Form D ↗ |
| Nov 22, 2023 | Dec 5, 2023amended Feb 8, 2024 | $192,423,000of $200.0M target | 37 | $5.2M | Debt, Securities on exerciseRule 506(b) | Form D/A ↗1 earlier filing |
| Apr 8, 2022 | Apr 22, 2022 | $307,899,582of $349.9M target | 44 | $6.9M | Equity, Securities on exerciseRule 506(b) | Form D ↗ |
| Total, six offerings | $5,917,907,786 | |||||
First sale is the date the first investor in the offering committed to invest. Companies must file Form D within 15 days of that date, so filing dates run later.
Rounds announced by Crusoe
What the company said publicly about its funding. Announced amounts can differ from Form D figures: an announcement can combine several closings, and some money is raised without a Form D.
| Announced | Round | Amount | Investors | Source |
|---|---|---|---|---|
| Sep 17, 2026 | Series F | $3.9B | Atreides Management, Mubadala Capital and Valor Equity Partners (co-leads), Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, TPG, 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT & MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management & Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I (RVI), SemiAnalysis Capital, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price, Tiger Global, Upper90, Van Eck, XN, Zigg Capital | crusoe.ai ↗ TechCrunch ↗ Reuters ↗ |
| Oct 24, 2025 | Series E | $1.375B | Valor Equity Partners and Mubadala Capital (co-leads), 137 Ventures, 1789 Capital, Activate Capital, Altimeter Capital, Atreides Management, BAM Elevate, DPR Construction, Ora Global, Fidelity Management & Research Company, Founders Fund, Franklin Templeton, Galvanize, Long Journey Ventures, Lowercarbon Capital, M37 Management, MCJ, NVIDIA, Radical Ventures, Ribbit Capital, Salesforce Ventures, Saquon Barkley, Spark Capital, StepStone Group, Supermicro, T. Rowe Price, Tiger Global Management, Upper90, Winklevoss Capital, Zigg Capital | crusoe.ai ↗ |
| Dec 12, 2024 | Series D | $600M | Founders Fund (lead), Fidelity, Long Journey Ventures, Mubadala, NVIDIA, Ribbit Capital, Valor Equity Partners | crusoe.ai ↗ |
| Apr 21, 2022 | Series C | $350M | G2 Venture Partners (lead), Valor Equity Partners, Lowercarbon Capital, Polychain Capital, Bain Capital Ventures, Founders Fund, MCJ Collective, Winklevoss Capital, Zigg Capital, DRW Venture Capital, Atreides Management, Exor Seeds, CMT Digital, Upper90, Inclusive Capital Partners, Engine No. 1, Tao Capital, Felicis Ventures, Castle Island Ventures, Mitsui & Co., FootPrint Coalition Ventures | crusoe.ai ↗ |
| Apr 26, 2021 | Series B | $128M | Valor Equity Partners (lead), Lowercarbon Capital, DRW Venture Capital, Founders Fund, Bain Capital Ventures, Coinbase Ventures, Polychain Capital, KCK Group, Upper90, Winklevoss Capital, Exor, Zigg Capital, JB Straubel | crusoe.ai ↗ |
| Dec 6, 2019 | Series A | $30M | Bain Capital Ventures and KCK Group (co-leads), Founders Fund, Winklevoss Capital, Polychain Capital | Press release ↗ |
Why Investors Backed Crusoe
Investors back Crusoe because AI needs power and data centers faster than the grid and older builders can deliver. Crusoe handles each step itself: it finds energy, builds the data centers, makes key equipment and rents out the chips. Gavin Baker of Atreides Management, a co-lead of the latest round, says AI's economics flow to "the lowest-cost producer of intelligence." Owning the whole chain, he adds, gives Crusoe "a structural advantage."
The problem it targets
AI companies need huge amounts of electricity, and they need it fast. Crusoe's view is that conventional developers pick a site first and deal with power later. Splitting power, real estate, construction and cloud among different firms slows projects down. So Crusoe starts with the energy source and builds there. Board member JB Straubel, the Redwood Materials founder, sees the same bottleneck: "Grid demand is growing faster than infrastructure can keep up."
What the product does
Crusoe makes money in three ways, according to TechCrunch. It leases data center space to customers who bring their own chips. It also rents out its own GPUs through Crusoe Cloud and sells inference, which means running AI models for customers. It builds large campuses, such as its 1.2 gigawatt site in Abilene, Texas. It also makes Crusoe Spark, modular data centers built at its factory in Brighton, Colorado. These units cut construction in the field from years to weeks.
Progress so far
Crusoe has more than $140 billion in contracted value and over 6 gigawatts of capacity under contract. Its inference service alone has signed over $100 million in annual recurring revenue. Newcomer reported in September 2026 that Crusoe is on track for $2 billion in revenue this year. TechCrunch, citing Bloomberg, reported a five-year, $13 billion cloud deal with trading firm Jane Street. Data Center Dynamics reported that Google is the end user of a campus Crusoe is building near Amarillo, Texas.
Who backs it
Valor Equity Partners led the $128 million Series B in 2021. With Mubadala Capital, it co-led the Series E in 2025. The two firms co-led the $3.9 billion Series F in 2026 with Atreides Management, at a $30.9 billion valuation. Bain Capital Ventures and KCK Group co-led the 2019 Series A. G2 Venture Partners led the 2022 Series C, and Founders Fund led the 2024 Series D. Chipmaker Nvidia has invested in every round since the Series D. Valor's Vivek Pattipati, Bain Capital Ventures' Enrique Salem and KCK Group's Nael Kassar sit on the board.
How the market is moving
Synergy Research Group estimates that neoclouds, GPU cloud providers such as Crusoe, took in more than $25 billion in 2025. It forecasts close to $400 billion by 2031. Rival Fluidstack, which helps Anthropic build data centers, raised $830 million at a $7.5 billion valuation in July 2026, SiliconANGLE reported. By September, Forbes put its value at $18 billion. In October, Lochmiller told CNBC that neoclouds will consolidate into a handful of large operators. Crusoe may also go public: TechCrunch, citing Axios, reported talks with bankers about a possible IPO.
We wrote this summary from public statements by Crusoe and its investors. It is not investment advice.
Crusoe in the News
- Crusoe to develop 106MW data center site in Paraguay
- Crusoe signs on for Polar DC's upcoming 40MW data center in Norway
- Crusoe CEO: Neoclouds will consolidate into handful of large operators
- Google named as customer for Crusoe's data center campus in Amarillo, Texas
- Crusoe Is on Track for $2 Billion in Revenue as the Data Center Backlash Builds
- From Gigawatts To Grab-And-Go: Crusoe Leans Into Modular AI Data Centers
Leadership Team
Executive officers and directors listed on Crusoe's Form D filed Sep 17, 2026.
Earlier filings also listed Xiangyu Liu (director, last listed Oct 2025), Stefan Cohen (director, last listed Oct 2025), Matthew DeNezza (executive officer, last listed Oct 2025), Jamey Seely (general counsel and secretary, last listed Oct 2025), Ben Kortlang (director, last listed Oct 2025) and Sean Liu (director, last listed Nov 2024).
Sources
- SECCrusoe Inc. Form D, filed Dec 5, 2023
- SECCrusoe Inc. filing history
- Companycrusoe.ai, About (company history)
- Companycrusoe.ai, Board of Directors
- Companycrusoe.ai, Leadership
- Companycrusoe.ai, new board members (Sept 17, 2026)
- Companycrusoe.ai, Michael Gordon named COO and CFO (Dec 11, 2025)
- Companycrusoe.ai, $700M Neuberger facility (Oct 22, 2026)
- PressSiliconANGLE, Fluidstack raises $830M (July 21, 2026)
- PressForbes, Fluidstack valued at $18B (Sept 3, 2026)
- PressFierce Network, Meta's cloud business (July 1, 2026)
- ResearchSynergy Research Group, neocloud market forecast (Apr 2, 2026)