Crusoe raises $3.9B to build massive data centers and small modular “AI factories”

Crusoe raised a $3.9B Series F co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, valuing the data center developer at $30.9B. The company will use the funding for large projects such as its Abilene, Texas site used by OpenAI and for Spark, its truck-transportable modular AI data centers.

The round highlights how AI infrastructure financing is shifting toward companies that can secure power, land, and rapid deployment capacity, not just chips. Crusoe’s modular approach could help address permitting delays and community resistance, making distributed AI infrastructure a more attractive model as demand for compute keeps rising.