Crusoe is expected to raise around $1 billion through a mix of equity and debt, according to the report
In sum – what to know:
Crusoe seeks $10B valuation – The AI data center startup is in talks to raise about $1 billion, more than tripling its valuation from last year’s $2.8 billion round.
Strategic projects fuel growth – The company leads development of a $12B AI campus in Texas for OpenAI and Oracle, highlighting its central role in the Stargate initiative.
Global expansion accelerates – With a new European hub in Norway and the acquisition of Israel-based Atero, Crusoe now manages 3.4 GW of AI data center capacity.
Crusoe Energy Systems, an AI data center startup, is reportedly in talks to raise fresh capital at a valuation approaching $10 billion, Bloomberg reported, citing people familiar with the discussions.
The report noted that the new round would underscore the scale of investment needed to support the rapid buildout of artificial intelligence infrastructure.
Crusoe is expected to raise around $1 billion through a mix of equity and debt, one source said, though the amount and valuation could still change, the report added.
Founded in 2018, the firm has become one of the most prominent players in the AI infrastructure race. Its peers include CoreWeave, now valued at more than $44 billion after its recent IPO, and OpenAI, which has recently signaled plans to expand into computing services.
Crusoe is the lead developer of a $12 billion AI campus in Abilene, Texas, code-named Project Ludicrous, built for OpenAI and Oracle as part of the Stargate initiative unveiled by U.S. President Donald Trump in January this year.
If the deal closes, the company’s valuation would more than triple from its $2.8 billion level in December 2024, when it raised $600 million in a round led by Founders Fund. To date, the company has secured $2.5 billion in funding from backers including Nvidia, Fidelity, Mubadala, Ribbit Capital, and Valor Equity Partners.
Last week, Crusoe announced the acquisition of Israeli startup Atero, a company specializing in GPU management and memory optimization for artificial intelligence workloads, the former said in a release.
The firm noted that the acquisition aims to strengthen Crusoe Cloud’s managed AI services, improve GPU efficiency, and establish Crusoe’s first Middle East office in Tel Aviv. Financial details of the transaction were not disclosed.
By integrating Atero’s technology into its platform, the AI company expects to deliver higher performance, faster scalability, and more energy-efficient infrastructure for AI developers and enterprises. The acquisition is positioned as part of Crusoe’s strategy to enhance vertical integration in the AI cloud sector, where the company operates its own GPU clusters and infrastructure stack.
The deal also marks the firm’s expansion into the Middle East, with the establishment of its Tel Aviv office. The move will allow the company to access Israel’s technical workforce and serve customers across the region more effectively.
In June, Crusoe had announced a strategic partnership with Polar to establish Crusoe’s first data center presence in mainland Europe. The firm signed a contract for a 12 megawatt (MW) facility located in Norway, which will be powered entirely by 100% hydroelectric energy.
The Norwegian data center, expected to start operations later this year, adds to Crusoe’s presence in Europe which includes a data center in Iceland, powered 100% by renewable geothermal and hydroelectric energy.
