Crusoe raises $3.9B Series F at $30.9B valuation to build modular AI data centers

Crusoe

Crusoe, an AI data-center builder, announced an initial close of a $3.9 billion Series F at a $30.9 billion post-money valuation on September 17, 2026. The round is co-led by Atreides Management, Mubadala Capital and Valor Equity Partners and was described as oversubscribed. It is expected to fund expansion of existing campuses and its prefabricated Spark units, which are built in factories and trucked to sites with spare power.

• Series F of $3.9bn, announced as an initial closing, so the round is not final; valuation $30.9bn post-money.
• Spark units are prefabricated data centers trucked to sites with available power; Crusoe says this cuts field construction from years to weeks, a claim it makes itself.
• A planned plant outside Denver would eventually make up to a gigawatt of Spark capacity a year; that is a future plan, not current output.
• Crusoe's own figures: over $140bn in total contracted value and 6GW of gross contracted capacity, of which 1GW is operational. These are unverified company claims.
• The Wall Street Journal reported, citing unnamed sources, that the board has at times been unsettled by the strategy and has suggested narrowing the focus.