Crusoe, an AI data center startup, has raised over $3 billion in a funding round that values the company at roughly $30 billion, Bloomberg News reported Thursday. The deal places the former cryptocurrency miner among the most valuable private AI infrastructure providers as demand for computing power continues to surge.
The deal's structure and backers
The $30 billion valuation is on a post-money basis, meaning it includes the fresh capital raised. Bloomberg cited people familiar with the matter. The round follows a $1.38 billion raise in 2025 that valued Crusoe at more than $10 billion - a near-tripling of its valuation in roughly one year.
Crusoe launched in 2018 as a cryptocurrency operation before pivoting to AI infrastructure. It now sits in a category of providers called "neoclouds," which offer specialized cloud and data center services aimed at AI workloads.
A $13 billion contract with Jane Street
Separately, Crusoe has signed a five-year cloud contract with trading firm Jane Street Group valued at around $13 billion, according to Bloomberg's sources. Jane Street is Crusoe's highest-profile cloud customer to date, and the deal helped attract interest in the latest fundraising effort.
The startup also holds contracts to supply AI computing power to Meta Platforms and Oracle. In June, Crusoe said it had contracts for 4.9 gigawatts of computing power and more than 40 gigawatts in its total project pipeline. Crusoe could not immediately be reached for comment.
What's driving the valuation
The capital raise reflects the intense demand for data center capacity to develop and run AI models. Major technology firms and financial institutions are locking in long-term contracts with infrastructure providers, pushing valuations higher across the sector. Crusoe's pivot from crypto to AI mirrors a broader industry shift, as data center operators chase enterprise contracts that offer more predictable revenue than cryptocurrency mining.
Why this matters for IT, development, and finance professionals
For IT and development teams, the expansion of neocloud providers like Crusoe signals more options for accessing specialized AI for IT & Development infrastructure beyond the major hyperscalers. These providers are building capacity specifically for AI training and inference workloads, which could affect procurement decisions and architecture planning over the next several years.
For finance professionals, the Jane Street contract shows how trading firms are deploying significant capital to secure compute resources. The $13 billion commitment underscores the financial industry's bet that access to AI computing power is becoming a competitive requirement. Professionals tracking infrastructure spending or evaluating AI for Finance investments should note the scale and duration of these deals.
Your membership also unlocks:
