October 24, 2025
Mubadala Capital and Valor Equity Partners co-lead funding to scale Crusoe’s vertically integrated AI infrastructure platform
SAN FRANCISCO and DENVER – October 24 – Crusoe, the AI factory company, today announced the initial closing of its anticipated $1.375 billion Series E round, bringing the company’s expected valuation to over $10 billion. The oversubscribed round was co-led by technology investors Valor Equity Partners and Mubadala Capital, with participation from 137 Ventures, 1789 Capital, Activate Capital, Altimeter Capital, Atreides Management, BAM Elevate, DPR Construction, Ora Global, Fidelity Management & Research Company, Founders Fund, Franklin Templeton, Galvanize, Long Journey Ventures, Lowercarbon Capital, M37 Management, MCJ, NVIDIA, Radical Ventures, Ribbit Capital, Salesforce Ventures, Saquon Barkley, Spark Capital, StepStone Group, Supermicro, T. Rowe Price, Tiger Global Management, Upper90, Winklevoss Capital, and Zigg Capital. In addition, funds managed by Blue Owl are expected to join in a later closing.
Crusoe has established itself as a global leader in AI infrastructure through its vertically integrated model that spans across rapid energy sourcing, AI-optimized data center design and construction, and a high-performance AI cloud platform.
Crusoe’s AI cloud platform, Crusoe Cloud, empowers AI builders to focus on innovating rather than managing complex infrastructure. Crusoe Cloud simplifies operations and accelerates time-to-value, helping customers build their AI solutions faster. This performant, reliable, and secure platform is trusted by some of the leading AI innovators and enterprises, including Cursor, Decart, Fireworks, Odyssey and Together AI. The company provides a globally available service backed by 99.98% uptime and enterprise-grade support. The company continues to invest heavily in its platform to enhance performance, with its recent acquisition of Atero for GPU management and memory optimization accelerating the development of its managed AI services.
Crusoe’s vertically integrated model enables the company to build gigawatt-scale AI data center campuses faster and more cost-effectively than ever before. Traditional approaches to building AI infrastructure are fragmented across power, real estate, data center construction, and cloud services, resulting in slow timelines and misaligned incentives. The company recently announced that the first phase of its 1.2 gigawatt data center in Abilene, Texas campus is live just one year after construction began.
“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, CEO and co-founder of Crusoe. “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. Today’s Series E enables Crusoe to rapidly expand our vertically integrated approach to delivering AI factories at the speed and scale needed to meet the ambitions of our customers. Crusoe is uniquely positioned to deliver both the physical infrastructure needed for an AI factory, including power and data centers, as well as the high performance software required to operate an AI factory and produce intelligence efficiently at scale through Crusoe Cloud.”
Crusoe’s vertically integrated strategy has enabled a year of record growth and execution. Key milestones include:Growing energy portfolio: Crusoe’s power pipeline grew over 4x and is now over 45 gigawatts. The pipeline is supported by innovative partnerships with Tallgrass, Redwood Materials, Lancium and many others.
Crusoe Cloud expansion: Crusoe Cloud accelerated customer momentum, with bookings growing 5 times in the first three quarters of 2025 compared to last year. Crusoe’s collaboration with NVIDIA continues to drive significant business value for its customers, providing access to NVIDIA full-stack solutions. In addition, the company announced a strategic collaboration with AMD. Crusoe Cloud was awarded the prestigious “Gold” designation in The GPU Cloud Cluster Max Rating System by Semianalysis.
Digital infrastructure execution: In addition to ongoing construction at the 1.2 gigawatt data center campus in Abilene, Texas, Crusoe is working on multiple gigawatt-scale campuses across the country – including a recently announced 1.8 gigawatt campus in Wyoming.
Strategic focus: Underscoring its exclusive focus on AI infrastructure, Crusoe streamlined operations by divesting its Bitcoin mining business to NYDIG.
Global expansion: The company announced further cloud capacity in Norway and Iceland; and opened new offices in Dublin, Ireland; Sunnyvale, California; and Tel Aviv, Israel to support its rapid growth.
About Crusoe:
As the AI factory company, Crusoe is on a mission to accelerate the abundance of energy and intelligence. The company provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure. By harnessing large-scale clean energy, building AI-optimized data centers, and delivering an AI cloud platform, Crusoe empowers its customers to build the future faster.
About Mubadala Capital:
Mubadala Capital is a global alternative asset management platform that manages, advises and administers for clients and limited partners over $430 billion in assets through its asset managers and strategic partnerships. A subsidiary of Mubadala Investment Company, Mubadala Capital combines the scale and stability of sovereign ownership with the agility and focus of a performance-driven global alternative asset management firm. To learn more visit www.mubadalacapital.ae
About Valor Equity Partners:
Valor Equity Partners is an operational growth investment firm focused on investing in high-growth companies across various stages of development. For decades, Valor has served its companies with unique expertise to solve the challenges of growth and scale. Valor partners with leading companies and entrepreneurs who are committed to the highest standards of excellence and the courage to transform their industries. For more information on Valor Equity Partners, please visit www.valorep.com.