Crusoe raises $3.9bn Series F to advance modular Spark data-center strategy

Crusoe has completed a $3.9 billion Series F round at an approximate valuation of $30.9 billion, according to S1, which cited The Wall Street Journal. Atreides Management, Valor Equity Partners and Mubadala Investment led the round; Founders Fund, TPG and sovereign investors including Qatar Investment Authority were also named.

The company is positioning its Spark platform of small modular data centers as a next area of expansion. Crusoe plans to manufacture the units in its own factories and deploy them in locations with available electricity. The company develops and leases data centers, leases GPUs, and runs AI models for customers.

S1 reported that Spark facilities are already operating in Reno, Nevada, using second-life electric-vehicle batteries and solar panels. That configuration is specific to the Reno deployment and does not establish that future Spark sites will use the same power architecture.

The strategy follows two years of construction on the Stargate data-center complex in Abilene, Texas, which S1 described as being used by OpenAI. The reported construction duration does not confirm that the complex is fully complete or disclose its operating status, capacity, or launch date.

The capital raise strengthens Crusoe’s ability to pursue vertically integrated AI-infrastructure delivery and replicate its modular format. If the strategy is implemented at scale, Spark could become a more visible deployment option for distributed inference and sites where access to power is a greater constraint than building a large centralized campus. However, the available information does not provide Spark capacity, site count, CAPEX, deployment timing, customer commitments, or order volumes.