Data center developer Crusoe announced on Thursday it has raised $3.9 billion in a Series F round that values the company at $30.9 billion. The massive round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG.
The eight-year-old company plans to use the fresh capital to finance existing data center projects, including a large campus in Abilene, Texas, currently used by OpenAI, as well as a new line of smaller, modular AI factories called Spark. These truck-transportable units can be connected to large power sources almost anywhere, letting Crusoe deploy compute capacity quickly without the need for large construction workforces.
The modular approach could also help Crusoe sidestep growing community backlash against massive data center complexes near residential neighborhoods. By manufacturing Spark units at its own facilities, the company can scale without the permitting battles that have slowed other developers.
Crusoe also announced three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure CIO Bill Stein, and Redwood Materials founder JB Straubel, who sits on Tesla's board and previously invested in Crusoe personally. Crusoe was the first customer of Redwood's energy storage business.
The deal underscores how Gulf-linked capital continues to flow into AI infrastructure at record pace, with Mubadala and QIA both participating in one of the largest AI infrastructure rounds of 2026.
