Atreides Management and Valor Equity Partners co-led a funding round that provided the AI infrastructure firm more than $3 billion. Abu Dhabi sovereign wealth fund Mubadala Capital also participated in the raise, which pushed Crusoe's valuation to $30 billion from $10 billion 10 months ago. The company recently signed a 5 year, $13 billion agreement to supply GPU cloud capacity to the market-making firm Jane Street.
Founded in 2018 as a crypto mining operation utilizing excess natural gas, the company now builds data centers for Microsoft, Meta, and OpenAI. Current projects include a flagship site for OpenAI and Oracle's Stargate project in Texas. Jane Street's annual commitment of $2.6 billion accounts for over 12% of its $20.5 billion net revenue reported in 2024.