Qatar Investment Authority participates in Crusoe’s $3.9 billion funding round

Crusoe, a vertically-integrated AI infrastructure provider, initially closed of its anticipated $3.9 billion Series F funding round, at a $30.9 billion post-money valuation co-led by UAE Mubadala Capital and Atreides management with investments from Qatar Investment Authority.

The oversubscribed round also saw investments from Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, NVIDIA, Radical Ventures, and TPG.

With over $140 billion in total contracted value (TCV) across its vertically-integrated platform, the additional capital will help Crusoe scale its existing programs and support the build out of its own AI factories, from large-scale, vertically-integrated campuses to modular Crusoe Spark units, fueling the rapid growth of Crusoe Cloud.

According to the announcement, operating the entire value chain enables Crusoe to serve customers across the AI ecosystem at the speed the market requires and has come to expect from Crusoe’s execution.

“We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity,” said Chase Lochmiller, Co-founder and CEO of Crusoe. “Getting there means controlling the infrastructure from electrons to tokens, and we’re grateful to have investors who share that conviction. This Series F lets us scale every layer for the world’s most ambitious AI builders.”

“As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build,” said Gavin Baker, Managing Partner and CIO of Atreides Management. “Chase and Cully are world-class operators, and we’re thrilled to support Team Crusoe as they lead the build-out of next generation AI infrastructure.”

Additional investors in the round include: 1789 Capital, Activate Capital, Altimeter, ARK Invest, Avenir, Baillie Gifford, BAM Elevate, BDT & MSD Partners, Clal Insurance and Finance, Darsana, DPR Construction, Era Funds, Fidelity Management & Research Company, Fundrise, Galvanize, M37, OIA, Polychain Capital, Ribbit Capital, Robinhood Ventures Fund I (RVI), SemiAnalysis Capital, Salesforce Ventures, Squarepoint Capital, StepStone Group, T. Rowe Price1, Tiger Global, Upper90, Van Eck, XN, and Zigg Capital.

In the past years Crusoe has seen $140B+ TCV across its vertically-integrated platform serving AI native, hyperscaler, frontier model, and enterprise customers. It also witnessed 6GW+ of gross contracted capacity across data centers and cloud, including 1 GW of gross capacity delivered and operational today, as well as 20x+ year over year growth in Crusoe Cloud bookings YTD.

At the foundation of Crusoe’s AI factory model is an energy-first strategy. Conventional data center developers treat power as a constraint to navigate after site selection. Crusoe starts there instead, originating and managing power directly at the source, and the advantage compounds through every layer Crusoe owns.

“As AI diffuses across the economy, compute infrastructure has become the foundation on which that shift is built. Crusoe is one of the defining companies developing, powering and operating that infrastructure at scale. We have partnered with Crusoe since 2022, invested in every round since, and are proud to co-lead this round. What we’ve seen so far is only the beginning,” said Ibrahim Ajami, Senior Partner, Head of Ventures, Mubadala Capital.

Crusoe’s vertical integration strategy in practice means the company meets customers wherever they are in their AI journey, at any scale. Crusoe is built to serve a diverse set of customers, from hyperscalers to AI natives, on a platform that enables growth and scales with customers as their needs shift. That capability is why OpenAI trained Astra, its first artificial general intelligence, at the Abilene campus Crusoe designed and built, demonstrating how Crusoe enables breakthrough technology.

In 2023, Oman Investment Authority (OIA) took part in a $350mn equity round in Crusoe Energy Systems. Crusoe helps oil and gas producers cut flaring by using stranded natural gas to power cryptocurrency mining. Crusoe systems set up operations in Oman as well. Crusoe had then confirmed it was investing in Oman.

The Qatar Investment Authority (QIA) has rapidly scaled its artificial intelligence portfolio toward a targeted $60 billion milestone, focusing on foundational infrastructure, data centers, and frontier LLM developers