Crusoe funding: Every round, investor, and valuation (2026)

Crusoe builds and runs data centers for artificial intelligence. It finds the power first, builds the campus around it, and then either leases the whole site to a big tech company or rents the chips inside it through its own service, Crusoe Cloud. Its best-known project is the campus in Abilene, Texas, that Oracle leases to run OpenAI's models.

Crusoe has raised about $6.4 billion in equity across eight rounds since 2018, plus about $1.9 billion in loans and credit facilities. Its latest round, a $3.9 billion Series F announced in September 2026, valued the company at $30.9 billion.

That is only part of the money behind Crusoe's buildings. The Abilene campus sits in a separate $15 billion joint venture funded by Blue Owl, Primary Digital Infrastructure, and JPMorgan-led lenders, which is why some databases put Crusoe's total funding at $15 billion. Let's dive into Crusoe's funding history.

Crusoe's funding follows its shift from mining bitcoin at oil wells to building gigawatt campuses for the largest AI labs. Equity rounds pay for the company itself, while loans and project money pay for chips and buildings.

Chase Lochmiller and Cully Cavness founded Crusoe Energy Systems in Denver in 2018. Their first product was Digital Flare Mitigation: shipping containers full of computers that sat at oil wells and ran on natural gas the drillers would otherwise burn off. Most of that computing power mined bitcoin.

The early money came from crypto and venture investors. Bain Capital Ventures and Founders Fund's Pathfinder fund led the seed, and the Winklevoss twins' fund joined. The Series A came with a separate $40 million facility from Upper90, a lender that would finance Crusoe's equipment for the next six years.

Valor Equity Partners, the Chicago firm founded by Antonio Gracias, led the Series B in 2021. The Series C followed a year later, led by the climate fund G2 Venture Partners. Crusoe announced it alongside up to $155 million of credit for its gas power systems, so that headline figure mixed equity and debt.

By its Series C, Crusoe was building Crusoe Cloud to rent out Nvidia GPUs, the chips that train and run AI models. In October 2023, Upper90 committed $200 million to buy them. GPU loans work like car loans: the chips serve as collateral, and customer rental payments service the debt.

The Series D in December 2024 was the first round priced for an AI company. Founders Fund led it, and Nvidia joined the cap table. The round valued Crusoe at $2.8 billion, only modestly above the Series C price nearly three years earlier.

Crusoe's largest financing never passed through its own balance sheet. In October 2024, Blue Owl and Primary Digital Infrastructure formed a joint venture to fund the first two buildings at Abilene, which Crusoe designs, builds, and operates. JPMorgan arranged a $2.3 billion construction loan for that phase.

In May 2025, the partners expanded the venture to $15 billion to add six more buildings and reach 1.2 gigawatts. JPMorgan led a $7.1 billion construction loan for the second phase. Oracle leases the campus, which serves OpenAI's Stargate data center program.

The $15 billion figure that some funding databases show for Crusoe is this joint venture. It counts project equity and construction debt for one campus, funded mostly by Blue Owl, Primary Digital, and banks. It is not money invested in Crusoe the company, and this article keeps it separate from Crusoe's own rounds.

Two months before the expansion, Crusoe sold its bitcoin mining and flare gas business to NYDIG. The deal moved more than 425 modular data centers and about 135 employees, and terms were not disclosed. Crusoe became the second-largest shareholder in the combined NYDIG business, and Cavness said AI already made up most of Crusoe's revenue.

Crusoe's credit lines grew alongside its building program. Brookfield's infrastructure debt arm provided $750 million in June 2025, and Victory Park Capital lent $175 million for GPUs at a data center in Iceland. In February 2026, Reuters reported a $300 million Goldman Sachs loan secured by AMD chips, with AMD offering to rent the chips back if Crusoe could not find customers.

Valor and Mubadala co-led the Series E in October 2025. A month later, Reuters reported that Crusoe was arranging an employee share sale of about $120 million at roughly $13 billion, which raised no new money for the company.

The Series F came in September 2026, co-led by Atreides, Mubadala, and Valor. New backers included Singapore's GIC, the Qatar Investment Authority, and TPG. Both the Series E and the Series F were announced as initial closings, so the final amounts may rise.

Crusoe's valuation rose about elevenfold in under two years, after rising slowly for the previous two and a half years. The turn came when its business shifted from mining bitcoin to selling AI capacity under long contracts.

The Series C price is reported by secondary sources, not by Crusoe. From there, the Series D added only about 60%, as investors priced a company still tied to bitcoin. The Series E then more than tripled the price, and the Series F roughly tripled it again.

Contracts drove the jump. By the Series F, Crusoe reported more than $140 billion in total contracted value and more than 6 gigawatts of contracted capacity, of which 1 gigawatt was already running. Bloomberg reported in September 2026 that the trading firm Jane Street had signed a five-year Crusoe Cloud contract worth about $13 billion.

Revenue is harder to pin down because Crusoe does not publish it. The Information put 2024 revenue at about $250 million, and Newcomer reported in September 2026 that Crusoe was on track for about $2 billion this year. At $30.9 billion, investors are paying for the contract backlog more than for current sales.

Crusoe's ownership stays with its founders and venture backers, which sets it apart from older data center builders. A useful contrast is QTS under Blackstone's ownership, where a single infrastructure fund owns the whole platform, or Aligned's sale to an AI investor group in 2026.

Crusoe's cap table mixes three groups: venture firms that backed the bitcoin business, sovereign and crossover funds that arrived for AI, and suppliers whose products end up in Crusoe's buildings.

Valor is Crusoe's most consistent lead investor. It led the Series B in 2021 and co-led both the Series E and Series F.

Gracias said at the Series F that Valor joined "almost six years ago," when Crusoe still sold computing at oil wells. Valor has stayed in every priced round since.

Founders Fund has backed Crusoe since the seed round through its Pathfinder fund. It returned for the Series A, B, and C, then led the $600 million Series D in December 2024.

That Series D marked Founders Fund's bet on the AI pivot before the larger crossover funds arrived. It also joined the Series E and F.

Mubadala Capital, part of Abu Dhabi's sovereign wealth group, says it has partnered with Crusoe since 2022 and invested in every round since. It co-led both the Series E and the Series F.

The Qatar Investment Authority joined in the Series F, adding a second Gulf sovereign fund to the cap table.

Atreides, the fund run by Gavin Baker, first appeared in the Series C and co-led the Series F. Baker framed the case around cost: as AI grows, he said, the economics flow to the lowest-cost producer of intelligence.

That is Crusoe's pitch to investors. Owning the power, the buildings, and the cloud should let it sell computing for less than rivals who rent each layer.

Nvidia invested in the Series D, E, and F. Crusoe Cloud runs on Nvidia's GB200, B200, H200, and H100 chips, so part of the money returns to Nvidia as GPU orders, a loop that sits at the center of Nvidia's chip-selling business.

Other suppliers hold stakes too. DPR Construction, a builder, joined the Series E and F, and the server maker Supermicro joined the Series E. Upper90 is both an early lender and an equity investor.

Blue Owl and Primary Digital Infrastructure fund Crusoe's largest campus without owning much of Crusoe itself. Funds managed by Blue Owl were also expected to join a later closing of the Series E.

The lenders sit outside the equity story but fund most of the hardware. Upper90, Brookfield, Victory Park, and Goldman Sachs together account for the company-level debt in the table above.

Crusoe spends its funding on power, buildings, and chips. The equity rounds pay for the parts lenders will not fund on their own: land, early construction, new campuses, and the cloud team.

Abilene is the flagship, with eight buildings for Oracle and OpenAI. In March 2026, Crusoe announced a second 900-megawatt campus in Abilene for Microsoft, including its own on-site power plant and batteries.

Data Center Dynamics reported that the Microsoft capacity was land OpenAI had passed on after Stargate's expansion plans changed. OpenAI is also a Crusoe customer through Oracle, and the money behind those commitments is covered in OpenAI's own funding rounds.

More campuses followed in 2026. Crusoe is building in Childress, Texas, with the power developer Lancium, and Bloomberg reported a 1.6-gigawatt deal with Meta covering Childress and a site in Warrenton, Missouri. In September 2026, Crusoe disclosed a campus in Armstrong County, Texas, for Google, tied directly to nearby wind farms.

Crusoe Cloud rents GPUs by the hour or under multi-year contracts. Most of its debt facilities, from Upper90's first GPU loan to the Iceland facility, buy chips for it.

The cloud also sells software. Crusoe launched Managed Inference, a service that runs AI models for customers, in late 2025 and said it had passed $100 million in contracted annual recurring revenue. In August 2025, it bought Atero, an Israeli startup that makes GPUs use memory more efficiently, for undisclosed terms.

Crusoe's strategy starts with energy. It develops its own power plants and works with grid, battery, nuclear, and renewable partners, so power is the starting point for each site rather than a constraint to solve later.

It also manufactures Crusoe Spark, modular data centers built in factories and shipped to sites. The manufacturing arm grew out of Easter-Owens Electric, a Denver electrical equipment maker Crusoe bought in 2022.

Headcount rose to more than 1,800 by the Series F, across five countries. Crusoe opened offices in Bellevue, Washington, and New York City in 2026.

Crusoe's growth focus is selling more of each campus through its own cloud rather than leasing whole buildings to one tenant. Cloud bookings grew more than 20 times year over year by the Series F, and the customer list now runs from hyperscalers and Jane Street to AI startups such as Cognition, Figure, Perplexity, and Thinking Machines Lab. On the product side, the Series F pays for more Spark modular units, more inference and fine-tuning services, and new campuses in Texas and beyond.

The next step looks like an IPO. Axios reported in August 2026 that Crusoe was in talks with JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America about a listing, and press coverage described the Series F as a pre-IPO round. Crusoe has not filed, and credit newsletter Octus reported a roughly $5.5 billion Morgan Stanley-led credit and bridge facility in June 2026 that the company has not confirmed.

The risks sit in the contracts. A handful of buyers, including Oracle, Microsoft, Meta, and Google, account for most of the capacity, and Oracle's founder-heavy ownership puts much of its AI spending in Larry Ellison's hands. OpenAI already stepped back from expanding at Abilene, and in June 2026 Crusoe paused its 1.8-gigawatt Wyoming campus at its customer's request. Competition from CoreWeave, Nebius, and Lambda, together with falling GPU rental prices, will test whether Crusoe's cheaper power holds up as AI startups keep taking a growing share of startup funding.

Crusoe has raised about $6.4 billion in equity across eight rounds since 2018, plus about $1.9 billion in debt facilities, for about $8.3 billion at the company level. Its Abilene, Texas, campus is funded separately through a $15 billion joint venture with Blue Owl and Primary Digital Infrastructure.

Crusoe's lead investors are Valor Equity Partners, Founders Fund, Mubadala Capital, Atreides Management, G2 Venture Partners, and Bain Capital Ventures. Other backers include Nvidia, GIC, the Qatar Investment Authority, TPG, Fidelity, T. Rowe Price, Altimeter, Tiger Global, Lowercarbon Capital, and Upper90.

Crusoe was valued at $30.9 billion after its $3.9 billion Series F in September 2026. That was roughly three times the Series E price from October 2025, which valued the company at more than $10 billion.

No. Crusoe is private and has not filed for an IPO. Axios reported in August 2026 that it was in talks with banks about a listing.

Crusoe is owned by its founders, employees, and investors. Co-founders Chase Lochmiller (CEO) and Cully Cavness still run the company. The largest outside holders are likely the funds that led its rounds, including Valor, Founders Fund, Mubadala, and Atreides, though exact stakes are not public.