Crusoe announced the initial closing of an anticipated $3.9 billion Series F on September 17 at a $30.9 billion post-money valuation, roughly triple the valuation of its October 2025 Series E, which was over $10 billion. Investors are underwriting a gap: Crusoe reports more than 6 gigawatts of gross contracted capacity, and 1 gigawatt of it is delivered and operating today.
What the Round Pays For
Atreides Management, Mubadala Capital and Valor Equity Partners co-led the oversubscribed round, with Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG among the other backers. Crusoe says it will use the capital to scale its existing programs and build out its own AI factories. The announcement presents $3.9 billion as the anticipated size of the round and gives no separate figure for what has closed so far.
Crusoe also published operating figures with the announcement. It cites more than $140 billion in total contract value across its platform, Crusoe Cloud bookings up more than 20-fold year over year so far in 2026, and more than $100 million in contracted annual recurring revenue for Crusoe Managed Inference, which launched late last year. All of these are company figures.
From Flare Gas to Hyperscale Tenants
Crusoe’s early business ran modular data centers on natural gas that oil fields would otherwise burn off, and it included a bitcoin mining operation. In March 2025, Crusoe announced that NYDIG would acquire that operation, flare-gas unit included, with approximately 135 Crusoe employees joining NYDIG. CEO Chase Lochmiller said at the time that Crusoe would “continue to channel the same energy-first mentality towards scaling AI infrastructure.”
The customer list shows how far that turn has gone. Crusoe’s flagship 1.2 gigawatt campus in Abilene, Texas, is purpose built for Oracle, and as of June its first two buildings were operational with six more under construction. Crusoe is also building a second, 900 megawatt Abilene campus for Microsoft, with its first building expected to be energized in mid-2027, which would bring the site to 2.1 gigawatts. According to Crusoe, OpenAI trained its Astra model at the Abilene campus. The Series F announcement also names Cognition, Figure and Perplexity as customers on Crusoe Cloud.
The Five-Gigawatt Gap
On June 9, Crusoe put its contracted capacity at 4.9 gigawatts, spanning data center projects and capacity for Crusoe Cloud, and said its development pipeline exceeded 40 gigawatts. That pipeline includes contracted projects, sites in active tenant negotiation and sites in advanced development. The Series F announcement puts gross contracted capacity across data centers and cloud above 6 gigawatts, with 1 gigawatt delivered and operational. The data suggests demand is not what limits Crusoe. Delivery is, because more than 5 gigawatts of contracted capacity is not yet operating.
Large projects can also change hands before they are built. On June 10, Black Hills Corp. said Crusoe is no longer the development partner on a 1.8 gigawatt project in Cheyenne, Wyoming, while the project itself continues to progress as planned. Black Hills said the project has not been paused and that its prospective customer has provided over $200 million in refundable contributions in aid of construction. Crusoe said it had paused development activities at the request of its customer, without naming the customer.
My take is that the valuation prices execution more than demand. Turning power equipment and construction crews into energized megawatts on schedule is the hard part, and $30.9 billion assumes Crusoe keeps doing it. The announcement also does not say how long the contracts behind the $140 billion run or whether customers can cancel them, and that matters: a contract a customer can exit is worth less than one it cannot.
Why Spark Matters More Than It Looks
Crusoe says it manufactures Spark modular data centers in the United States and that Spark shortens data center construction in the field from years to weeks. The Wall Street Journal reported that Crusoe builds the units in its own factories and trucks them to places with available power. Lochmiller told the Journal that a plant outside Denver could eventually produce up to one gigawatt of Spark capacity a year, as reported by TechSpot and The Next Web. The Next Web also reported that Spark units already run in Reno, Nevada, on solar panels and old electric-car batteries.
Run the arithmetic and the target stands out. One gigawatt a year equals everything Crusoe reports operating today, though “eventually” is the only timeline reported. The implication is that Crusoe is trying to convert construction risk into manufacturing risk, which is easier to forecast and repeat.
The limit is fit. Lochmiller told the Journal that for inference, “you don’t actually need an Abilene to do that.” The remark suggests Spark is aimed at inference workloads, while Abilene’s planned 2.1 gigawatts is more than double what Crusoe operates across all sites today.
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