Crusoe, the Denver-based ‘AI factory’ company, has announced the initial closing of a $1.375 billion Series E funding round, valuing the company at over $10 billion. The new funding solidifies Crusoe’s position as one of the most well-capitalized private infrastructure companies in the AI sector, supporting its mission to build out a new generation of vertically integrated, energy-efficient AI data centers.
Through its model – spanning energy sourcing, AI-optimized data center construction, and its high-performance AI cloud platform – Crusoe aims to deliver end-to-end solutions that address the growing compute and energy demands of large-scale artificial intelligence systems.
The oversubscribed round was co-led by Valor Equity Partners and Mubadala Capital, with participation from a wide roster of major global investors, including NVIDIA, Founders Fund, Fidelity, T. Rowe Price, Salesforce Ventures, Tiger Global Management, Franklin Templeton, and Supermicro, among others. Additional funds managed by Blue Owl are expected to join the round in a later closing.
“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, Crusoe’s CEO and co-founder. “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.”
Crusoe’s infrastructure strategy is designed to accelerate that progress. Its Crusoe Cloud platform provides a high-performance environment for AI developers, enabling them to build and deploy models without managing complex infrastructure. Offering 99.98% uptime, enterprise-grade support, and optimized GPU scheduling, Crusoe Cloud is already used by a number of AI startups and enterprises, including Cursor, Decart, Fireworks, Odyssey, and Together AI.
Large-Scale AI Data Center Campuses
The company has been expanding its capabilities through strategic acquisitions, such as Atero, a GPU management and memory optimization firm, which has enhanced the efficiency of Crusoe’s AI infrastructure. Partnerships with NVIDIA and AMD also strengthen the company’s hardware ecosystem and provide customers with access to full-stack AI acceleration solutions. Crusoe Cloud recently earned a “Gold” designation in The GPU Cloud Cluster Max Rating System by Semianalysis, recognizing its performance and scalability.
Crusoe’s vertically integrated model allows it to develop and deploy large-scale AI data center campuses faster than traditional cloud providers. Unlike conventional approaches – often fragmented across power procurement, real estate, construction, and cloud operations – Crusoe’s model combines these elements under one organization. The company’s 1.2-gigawatt Abilene, Texas campus is already partially online, having reached operational capacity just one year after construction began.
Additional projects include a newly announced 1.8-gigawatt facility in Wyoming and several other gigawatt-scale campuses in development across the United States.
The company’s energy portfolio has expanded dramatically, growing more than fourfold in 2025 to over 45 gigawatts, supported by partnerships with Tallgrass, Redwood Materials, and Lancium. These partnerships enable Crusoe to rapidly activate underutilized or stranded energy sources to power its AI infrastructure efficiently.
AI Infrastructure vs Bitcoin Mining
The funding round also follows a strategic shift in focus: Crusoe has fully exited its Bitcoin mining operations, divesting that business to NYDIG to concentrate exclusively on AI infrastructure. This move reflects a broader industry transition as energy-intensive blockchain operations give way to the surging demand for AI computing capacity.
Crusoe’s growth is also expanding internationally. The company has added new cloud capacity in Norway and Iceland, leveraging renewable energy for low-carbon AI workloads, and opened offices in Dublin, Sunnyvale, and Tel Aviv to support its growing engineering and customer operations teams.
The new Series E funding will be used to accelerate Crusoe’s buildout of “AI factories” – vertically integrated campuses designed to generate both compute and intelligence at scale. Mr. Lochmiller said the investment enables the company to continue scaling its model rapidly to meet surging demand for GPU resources. “Crusoe is uniquely positioned to deliver both the physical infrastructure required for AI factories – power and data centers – as well as the software that allows them to operate efficiently at scale,” he said.
With hyperscalers and enterprises racing to expand AI capacity amid global GPU shortages, Crusoe’s combination of infrastructure control, energy innovation, and cloud services has drawn comparisons to early cloud pioneers – only this time, built around the massive computational needs of the AI era.
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