Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform
Crusoe, the AI factory company, led by Chase Lochmiller and Cully Cavness, has announced the initial closing of its anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Qatar Investment Authority (QIA), Radical Ventures, and TPG.
With more than $140 billion in total contracted value, the additional capital will help Crusoe scale existing programs and build AI factories, from large vertically integrated campuses to modular Crusoe Spark units. Its vertically integrated model supports the continued expansion of Crusoe Cloud and enables faster delivery across the AI ecosystem.
"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," said Chase Lochmiller, Co-founder and CEO of Crusoe. "Getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction. This Series F lets us scale every layer for the world's most ambitious AI builders."
“As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build,” said Gavin Baker, Managing Partner and CIO of Atreides Management. “Chase and Cully are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next-generation AI infrastructure.”
Additional investors in the round include: 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 Price1, Tiger Global, Upper90, Van Eck, XN, and Zigg Capital.
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