Data center developer Crusoe has secured $1.4 billion in its latest funding round.

As reported by the Financial Times, the round was led by Mubadala Capital and Valor Equity Partners, and saw the company valued at $10bn.

Crusoe has yet to announce the funding round itself.

Speaking to the FT, CEO Chase Lochmiller said: “We are seeing tremendous and accelerating demand for compute infrastructure, unlike anything I’ve ever witnessed in my career."

He added: “OpenAI has been the most public with [its] large announcements, but this is not a trend that’s isolated to them. We are seeing it across the ecosystem."

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.

The company has raised around $3.9bn since it was founded in 2018 and is developing several data centers, including a 1.8GW campus in Wyoming and natural gas-powered data centers in Alberta, Canada.

Lochmiller told the FT that the company's current development pipeline amounts to 45GW of data center capacity.

Earlier this year, Crusoe and Blue Owl Capital raised $10bn in debt from JPMorgan to help fund the construction of the Abilene campus. The debt was secured against the data center and its 15-year lease with Oracle.

Crusoe launched 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.