Crusoe raised $1.375 billion in a Series E round valuing the firm at over $10 billion. Mubadala Capital and Valor Equity Partners co-led the oversubscribed round, joined by 137 Ventures, Altimeter Capital, Fidelity, NVIDIA, T. Rowe Price, Salesforce Ventures, Supermicro, Tiger Global, and others. Blue Owl funds are expected to participate in a later close. The new capital will expand Crusoe’s vertically integrated AI infrastructure platform — spanning clean energy generation, high-density data center design, and AI cloud services.
Crusoe has rapidly positioned itself as a vertically integrated alternative to hyperscale cloud providers. Its Crusoe Cloud platform offers GPU-accelerated compute with 99.98% uptime, powering customers such as Cursor, Decart, Fireworks, Odyssey, and Together AI. The company’s recent acquisition of Atero adds advanced GPU memory and workload management capabilities. Crusoe’s energy-to-AI model emphasizes efficiency and speed, enabling it to deploy data center capacity faster than traditional, siloed energy and real estate developers.
The company recently brought online the first phase of its 1.2-GW AI data center in Abilene, Texas — completed just one year after breaking ground. Additional campuses are in development, including a newly announced 1.8-GW facility in Wyoming. Crusoe’s clean-energy power pipeline now exceeds 45 GW, supported by partnerships with Tallgrass, Redwood Materials, and Lancium. Meanwhile, Crusoe Cloud bookings have increased 5x year-over-year, bolstered by collaborations with NVIDIA and AMD, and recognition from Semianalysis’ GPU Cloud Cluster Max rating system.
Crusoe also expanded internationally with new offices in Dublin, Sunnyvale, and Tel Aviv, alongside additional cloud capacity in Norway and Iceland. Earlier this year, the company divested its Bitcoin mining operations to NYDIG to focus exclusively on AI infrastructure.
- $1.375 billion Series E round led by Mubadala Capital and Valor Equity Partners
- Valuation surpasses $10 billion
- Energy portfolio exceeds 45 GW with rapid campus development in Texas and Wyoming
- Crusoe Cloud bookings up 5x in 2025; strategic partnerships with NVIDIA and AMD
- Global expansion includes new cloud capacity in Europe and offices in Israel, Ireland, and California
- Exclusive focus on AI after divestiture of Bitcoin mining operations
“Advances in AI will usher in an era of AI-driven abundance,” said Chase Lochmiller, CEO and co-founder of Crusoe. “Crusoe is in the business of activating energy for intelligence and helping innovators build the future faster. Today’s Series E enables us to scale our AI factories at the speed and scale our customers require.”
🌐 Analysis: Crusoe’s latest funding cements its position among a new class of AI-infrastructure specialists—alongside CoreWeave, Lambda, and IREN—pursuing vertically integrated models to control energy, compute, and cost. The company’s gigawatt-scale build-outs and clean-energy sourcing differentiate it from cloud incumbents while aligning with sovereign and sustainable AI-compute initiatives across the U.S. and Europe.
Crusoe is headquartered in Denver, Colorado, United States. The company’s stated mission is “to align the future of computing with the future of the climate.” Its core technology and platform strategy centres on what it calls an “energy-first” model: instead of building compute infrastructure and then sourcing power, Crusoe secures under-utilised, stranded or “wasted” energy (for example natural gas that would be flared, or excess renewable/clean sources) and colocates high-performance computing (HPC) and GPU cloud infrastructure at those energy sites.
The firm was co-founded in 2018 by Chase Lochmiller (CEO & Chairman) and Cully Cavness (President & COO). Lochmiller brings a background in quantitative research and trading (e.g., at Jump Trading, GETCO) and holds degrees from MIT (math & physics) and a master’s in computer science (specializing in AI) from Stanford. Cavness brings upstream oil & gas, geothermal energy and energy-investment banking experience, holds a geology degree from Middlebury and an MBA from the University of Oxford.
Crusoe’s core offerings include its “Crusoe Cloud” GPU-optimized cloud platform for AI workloads, and large-scale data centre campuses (for example a 1.2-GW campus in Abilene, Texas) designed to deliver AI compute at lower cost and with better energy alignment. The company’s earlier-stage business model involved its Digital Flare Mitigation® (DFM) technology, which captures natural gas that would otherwise be flared and converts it into electricity to power modular computing infrastructure.
