September 20, 2026
What does Crusoe do, having raised $3 billion in funding?
- Funding: $3 billion
- Investors: Atreides Management, Valor Equity Partners, Mubadala Capital
- Founders: Chase Lochmiller, Cully Cavness
- Website: crusoe.ai
What does Crusoe do?
Founded by Chase Lochmiller and Cully Cavness.
Established in 2018 and headquartered in the US, the company develops AI-focused data centers and cloud infrastructure.
It builds data centers housing the high-performance GPUs required to train artificial intelligence models.
Through Crusoe Cloud, customers can access GPU processing power from the cloud without having to build their own data centers.
It establishes its data centers in regions with access to large-scale and cost-effective energy.
The company's current scale
It was originally founded to perform Bitcoin mining by utilizing stranded natural gas at oil fields.
It also raised funding in October of last year, and its valuation increased with this round.
The funding round
Crusoe raised $3 billion from Atreides Management and 2 other investors.
Where is Crusoe heading?
- US-headquartered
- Bitcoin mining powered by natural gas
- High-performance GPU infrastructure
- Cloud access via Crusoe Cloud
- Data center and cloud infrastructure
- Meeting growing GPU demand
Startup Doctor's Take
When people think of AI investments, model-building startups usually come to mind. Yet in this round, the money went not to the model, but to the electricity and hardware that power it.
This business model has to interface with energy, telecom, and real estate. Because building a data center isn't a software job—it's about access to cheap energy and physical space. Figuring out the software side is theoretically easy; the real challenges begin when the electric bill and land come into play.
The lesson here: look not at the wave itself, but at where the wave gets bottlenecked. This company pivoted the energy infrastructure it built for mining into AI; it didn't reinvent the wheel, it redirected what it already had toward where the demand was.
Today, write down whatever assets you currently have on a piece of paper and ask yourself: in which other industry would this asset be more valuable?
Source: webrazzi — Crusoe raised $3 billion at a $30 billion valuation
Frequently asked questions
Who are the founders of Crusoe?
The company was brought to life by Chase Lochmiller and Cully Cavness.
What does Crusoe do?
It builds data centers equipped with the high-performance GPUs required to train and run artificial intelligence models. Through its cloud platform called Crusoe Cloud, it also offers this processing power to customers via the cloud.
Which investors participated in Crusoe's round?
The round was co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital.
Has Crusoe received funding before?
Yes. The company also closed a funding round in October of last year.
What will Crusoe use the investment for?
The company announced it will use the funds to expand its AI-focused data centers and cloud infrastructure, and to meet the surging demand for GPU and AI computing power.
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