Data center and cloud firm Crusoe has raised new funding, bringing the company's expected valuation to more than $10 billion.

The company this week announced the initial closing of its anticipated $1.375 billion Series E round. Crusoe has raised around $3.9 billion to date across 13 rounds of debt and equity financing, according to CrunchBase data.

The oversubscribed round was co-led by technology investors Valor Equity Partners and Mubadala Capital, with participation from more than 20 firms.

Participating investors include 137 Ventures, 1789 Capital, Activate Capital, Altimeter Capital, Atreides Management, BAM Elevate, DPR Construction, Ora Global, Fidelity Management & Research Company, Founders Fund, Franklin Templeton, Galvanize, Long Journey Ventures, Lowercarbon Capital, M37 Management, MCJ, Nvidia, Radical Ventures, Ribbit Capital, Salesforce Ventures, Saquon Barkley, Spark Capital, StepStone Group, Supermicro, T. Rowe Price, Tiger Global Management, Upper90, Winklevoss Capital, and Zigg Capital.

In addition, funds managed by Blue Owl are expected to join in a later closing. News that Crusoe was seeking to raise new funding surfaced earlier this year.

“Advances in AI will usher in an era of AI-driven abundance, leading to new scientific breakthroughs and unprecedented economic growth and human prosperity,” said Chase Lochmiller, CEO and co-founder of Crusoe.

“However, the pace of progress is constrained by bottlenecks in energy and compute. Crusoe is in the business of activating energy for intelligence and helping the greatest innovators of our generation build the future faster. Today’s Series E enables Crusoe to rapidly expand our vertically integrated approach to delivering AI factories at the speed and scale needed to meet the ambitions of our customers. Crusoe is uniquely positioned to deliver both the physical infrastructure needed for an AI factory, including power and data centers, as well as the high-performance software required to operate an AI factory and produce intelligence efficiently at scale through Crusoe Cloud.”

Crusoe launched in 2018 as a cryptomining business that deployed containerized data centers to oil wells to harness natural gas that would otherwise be "flared off" and wasted. It has since pivoted to developing permanent data centers for itself and others, offering AI cloud services (including from leased sites), and has divested its crypto operations.

Crusoe’s cloud operates four cloud regions across the US and Europe: us-northcentral1-a, us-east1-a, us-southcentral1-a, and eu-iceland1-a. The company has partnered with Digital Realty and Equinix in the US, and atNorth in Iceland. This year also saw it announce plans to lease a data center from Polar in Norway.

Crusoe is notably developing the 1.2GW Abilene, Texas, campus for OpenAI and Oracle – the first of the Stargate data center projects. The first phase went live in September 2025. It is also planning a 1.8GW campus in Wyoming and natural gas-powered data centers in Alberta, Canada.