Crusoe in talks to raise $3 billion, $30 billion valuation

Crusoe Inc., a company that builds and operates data centers for artificial intelligence workloads, is in advanced discussions to raise approximately $3 billion in a new funding round, according to reports citing people familiar with the matter. The deal, which is still being negotiated, could value the startup at around $30 billion, roughly triple the valuation it achieved in its last funding round less than a year ago.

The company, which was founded in 2018, initially focused on using excess natural gas from oil fields to power cryptocurrency mining operations. It has since pivoted entirely to AI infrastructure, selling its crypto business last year. Crusoe now constructs large-scale data centers for major technology firms, with confirmed customers including Meta Platforms, Microsoft, Oracle, and Alphabet's Google.

The reported funding round underscores the intense investor appetite for companies building the physical backbone for the AI boom. Crusoe's rapid valuation climb mirrors a broader financing surge in the AI infrastructure sector, where capital is flowing based on contracted future capacity even before data centers are fully built. The company stated in June that it...