Crusoe is reportedly in talks to raise about $3 billion in a new funding round that could value the AI data center company near $30 billion, according to a Bloomberg report published July 2, 2026. The round has not closed — no lead investor, participants, or final terms have been disclosed, and the valuation could still shift before anything is signed.
Here's what's actually confirmed, what's still speculative, and what the raise would mean if it closes as reported.
What is Crusoe?
Crusoe builds and operates AI-optimized data centers, taking a vertically integrated approach that extends down to the power supply itself. Founded in 2018 by Chase Lochmiller (CEO) and Cully Cavness (COO) in Denver, the company's original idea was to install modular data centers directly at oil and gas fields, using flared natural gas that would otherwise be wasted to power computing — initially for Bitcoin mining.
Crusoe has since pivoted almost entirely toward AI. It sold its Bitcoin mining business to NYDIG and redirected its energy expertise toward building large-scale data centers for AI compute. The company has become a notable infrastructure partner for major AI buildouts, including work on the first phase of Stargate, the OpenAI-and-Oracle-backed data center project.
The raise: $3 billion, still in talks
The headline numbers being reported:
- Amount: ~$3 billion
- Status: In talks — not confirmed, not closed
- Reported valuation: ~$30 billion (some reports cite a $30–40 billion range)
- Reported: Bloomberg, July 2, 2026
- Lead investor: Not disclosed
It's worth being precise about what this is: a report that Crusoe is in discussions to raise capital, sourced to people familiar with the matter, not a company announcement or a closed round. Crusoe did not comment publicly when the report surfaced. Nothing about the structure, the investor list, or the final size and price is locked in yet.
For context, Crusoe's last confirmed round was its Series E, which closed around October 2025: approximately $1.375–1.38 billion, co-led by Valor Equity Partners and Mubadala Capital, at a valuation above $10 billion. If the reported $3 billion round closes anywhere near $30 billion, that's roughly a 3x step-up in well under a year — an aggressive re-rating even by 2026's AI infrastructure standards.
Who is investing in Crusoe?
For the new round: unknown. No lead investor or investor list has been reported publicly as of this writing.
For the last confirmed round (Series E, October 2025), backers included:
- Valor Equity Partners and Mubadala Capital (co-leads)
- NVIDIA
- Fidelity Management & Research Company
- T. Rowe Price
- Tiger Global Management
- Additional participants reported to include Founders Fund, Ribbit Capital, and Bain Capital Ventures
Whether any of these return for the reported $3 billion round — or whether a new lead investor steps in — hasn't been reported. Given the scale of the number, a mega-round like this would likely draw sovereign wealth funds or infrastructure-focused capital, similar to the pattern seen across other large AI data center raises. But that's inference, not confirmation.
What Crusoe will do with the money
Crusoe hasn't detailed use of funds for the reported round, since it hasn't closed. But the company's stated direction gives a strong signal: it is scaling data center and power capacity to meet AI compute demand. Crusoe has reported holding nearly 5 gigawatts under contract, with roughly 40 gigawatts in its project pipeline — figures that put the scale of capital need in perspective. A raise of this size would plausibly go toward site development, power procurement, and buildout of new data center capacity rather than general operating costs.
Why it matters
Even unconfirmed, this report is a useful data point on where AI capital is headed in 2026:
- Power, not chips, is the bottleneck. Crusoe's entire model is built around securing energy first and computing second. A jump toward a $30 billion valuation, if it happens, reflects investor belief that energy access — not GPU supply — is the constraint AI infrastructure players are racing to solve.
- Valuations are moving fast and pre-revenue-multiple logic is breaking down. Going from roughly $10 billion to a reported $30 billion in under a year is a pace that outstrips normal growth-stage markups, reflecting how aggressively investors are pricing in future AI compute demand.
- Report first, close later. Treat "in talks" reporting as exactly that. Terms change, rounds get resized, and lead investors emerge or drop out between a Bloomberg report and a signed term sheet.
Wortins will update this post once Crusoe's round — if it happens — is confirmed with an actual lead investor, closing size, and valuation. For more on how AI data center capital is moving in 2026, see our coverage of AI data center funding trends.
For the original report on this raise, see Bloomberg's coverage.
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