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

Opening

Crusoe closed an initial $3.9 billion Series F at a $30.9 billion post-money valuation. Reuters reports the AI infrastructure / neocloud provider said Thursday it raised $3.9 billion; the round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with Founders Fund, Nvidia, and QIA among backers. TechCrunch (Marina Temkin) matches the figures and adds GIC, Radical Ventures, and TPG; proceeds fund existing projects (including Abilene, Texas used by OpenAI) and smaller modular "Spark" AI factories that can be trucked and connected to power without large construction crews. Prior raise: $1.38 billion at $10 billion valuation about 10 months earlier (TechCrunch).

The numbers

$3.9B Series F / $30.9B post-money — Crusoe via Reuters/TechCrunch. >$140B total contracted value; >6 GW contracted capacity; 1 GW operational — Crusoe via Reuters. $13B / five-year Jane Street GPU+infra cloud contract — Bloomberg via TechCrunch (secondhand in this capture).

Why it matters

Capital is still clearing for neocloud buildout that spans both campus-scale sites and modular smaller deployments — the same "speed / local pushback" channel as labs hunting 20–30 MW deals (news). Company claims (contracted dollars/GW) are self-reported.

Positioning

AI capex durability — Equity raise at a step-up valuation with Nvidia among LPs and multi-GW contracted capacity claimed.

Connects to

Anthropic/OpenAI smaller DC hunt — Modular/smaller sites as a parallel path to GW campuses (news). Midnight infra summit moats — Neocloud/infra competitive framing from prior PM (discussion).