Crusoe raises $3.9 billion at a $30.9 billion valuation

Crusoe raised $3.9 billion in an equity round that values the data-center company at $30.9 billion. The distinction matters: $3.9 billion is new capital it can spend, while $30.9 billion is investors’ estimate of the company’s value after the deal. Crusoe plans to put the money into both enormous data centers and smaller modular “AI factories”—repeatable blocks of computing infrastructure rather than only one-off campuses. The raise shows how the AI boom is shifting competition beyond model makers toward the costly physical systems—chips, power, cooling, and buildings—that make large-scale AI possible.