Crusoe raises $600 million in Series D funding to power the AI cloud, now valued at $2.8 billion

Crusoe, an AI startup and provider of vertically integrated AI infrastructure, has raised $600 million in a Series D funding round led by Founders Fund, with participation from Fidelity, Long Journey Ventures, Mubadala, NVIDIA, Ribbit Capital, and Valor Equity Partners.

Crusoe plans to use the newly raised capital to fund its expansion, including investments in new data centers and the growth of its Crusoe Cloud platform, and redefining AI infrastructure with clean energy and streamlined solutions

Founded by Chase Lochmiller (CEO) and Cully Cavness (COO), Crusoe is advancing a model of AI infrastructure powered by clean energy, setting new benchmarks for efficiency, sustainability, and scalability. The company combines clean energy with AI-optimized data centers and a comprehensive development platform. Its vertically integrated approach simplifies operations, accelerates deployment, and meets the demands of advanced AI applications.

“We believe a new approach is needed to power the AI revolution,” said Chase Lochmiller, CEO and co-founder of Crusoe. “We innovate faster and bring capacity online in a fraction of the time compared to legacy cloud providers, delivering results that make AI solutions feasible and scalable.”

As part of the announcement, Crusoe launched Crusoe Cloud, a high-performance platform designed for AI and machine learning workloads. Developers and data scientists can now access its resources for model training, fine-tuning, and scalable inference.

“The biggest risk with AI is that we don’t go big enough. Crusoe is here to liberate us from the island of limited ambition,” said Peter Thiel, Partner at Founders Fund.

The company’s focus on leveraging clean, low-cost energy sources is central to its operations. With over 15 gigawatts of energy capacity in development, Crusoe is expanding its footprint. A new data center in Abilene, Texas, is poised to become one of the largest high-performance computing clusters in the world, projected to add $1 billion to the local economy and create over 800 jobs.

“Crusoe is rethinking AI infrastructure to meet organizational demands while prioritizing sustainability,” said Sean Liu, Partner at Founders Fund. “Their innovation across the stack ensures top-tier performance and reliability for customers.”

Over the past year, Crusoe has experienced rapid growth and expanded its global presence. The company’s customer base has grown more than sevenfold, driven by increasing demand for its innovative AI solutions. Strategic partnerships with industry leaders like NVIDIA, VAST Data, Rescale, and Deloitte have bolstered its market position.

Crusoe now operates in nine U.S. states and three countries, including Iceland, demonstrating its growing global reach. The company has also strengthened its leadership team by appointing notable figures such as Bill Stein and Peter Gross to its advisory board, further supporting its ambitious growth plans.