Crusoe closed a $10 billion round eight months ago. Now investors are reportedly ready to pay three to four times that.
Crusoe is back in the market for money, and the number being floated is staggering. Axios reported on March 25 that the AI data center company is raising as much as $2 billion in a pre-IPO round that would value it between $30 billion and $40 billion. That is not a modest step-up. It is close to quadrupling what investors paid for the same company last October.
Go back eight months and Crusoe closed an oversubscribed $1.375 billion Series E, co-led by Valor Equity Partners and Mubadala Capital, with Nvidia, Fidelity Management & Research, T. Rowe Price and Tiger Global among the 137 investors who piled in. That round priced Crusoe above $10 billion. If the new valuation holds, early backers will have watched their stake triple or better in under a year, a pace that outstrips almost anything else in the AI infrastructure race right now.
Crusoe did not start out building data centers. The company began by capturing flared natural gas at oil wells, gas that would otherwise just be burned off, and using it to run bitcoin mining rigs. That origin still shapes how Crusoe pitches itself today. It is not a landlord renting out server racks. It builds its own power first, then stacks what it calls "AI factories" on top. Crusoe says its power pipeline has grown past 45 gigawatts, and it is constructing a 1.2 gigawatt campus in Abilene, Texas, alongside other gigawatt-scale sites around the country. It has also leaned into storage, expanding a second-life battery deployment with Redwood Materials at a Nevada campus that Crusoe and Redwood call the largest microgrid in North America.
That power-first model is exactly why the Wyoming story matters. Bloomberg reported on June 11 that Crusoe was pushed aside from Project Jade, a planned 1.8 gigawatt campus near Cheyenne it had announced with Tallgrass back in July 2025. Google was the customer Crusoe needed to anchor the site. According to Bloomberg, Google raised concerns about cost and construction timelines under Crusoe's management, and Crusoe demobilized from the site months before the news became public. Black Hills Energy, the local utility, says it is continuing the project without Crusoe, working directly with the prospective customer instead.
That is an uncomfortable data point to sit next to a $30 billion asking price. Losing your anchor tenant on a named flagship project is the kind of thing that normally cools a valuation, not accelerates it. Crusoe described the exit publicly as a pause requested by its own customer. Bloomberg's reporting reads like something closer to being pushed out.
Frankly, the gap between that setback and the size of this new round says something about where capital is actually flowing. It is not flowing toward the companies with the cleanest track records. It is flowing toward whoever controls power and land, because those are the scarce inputs in this buildout, not another chatbot.
The broader market is not calm about any of this either. Oracle shares fell sharply after its June earnings call, when the company said it would raise another $40 billion in debt and equity on top of the $43 billion in debt it had already issued to fund AI data center construction, according to Reuters. Oracle stock has dropped more than 30% from its September 2025 high. Days later, the IMF's Tobias Adrian told Bloomberg that leverage in AI financing worries him more than valuations do, and the Bank of England's Sarah Breeden warned that autonomous AI agents could help trigger a market meltdown if left unregulated.
Crusoe is betting none of that skepticism reaches it. In December, the company hired Michael Gordon, MongoDB's former finance chief who helped run that company's IPO, as its own CFO and COO. That is not a hire you make unless you expect to answer to public markets before too long. A $30 billion to $40 billion valuation would make that debut one of the largest AI infrastructure listings anyone has seen.
Whether Crusoe deserves that price is a different question from whether investors will pay it. Right now, the money says yes. The utility left holding the Wyoming project Crusoe walked away from says something else.
Also read: Alibaba Cloud Offers $5,000 in AI Credits as Qwen3.7 Max Challenges Rivals • Alibaba Times Its Qwen Price Cuts to Catch American Coders at Work • Kling AI nears a $3 billion round as Tencent buys into a rival's video bet
