Mubadala backs Crusoe again as valuation triples to USD 30 bn

Mubadala Capital is backing Crusoe again as the US AI infrastructure startup raises more than USD 3 bn at a roughly USD 30 bn valuation, Bloomberg reports, citing people familiar with the matter. Atreides Management and Valor Equity Partners co-led the finalized round, with Mubadala Capital also participating. The specific investment size has not been disclosed.

A valuation jump: The valuation is post-money, up from just over USD 10 bn in Crusoe’s last raise 10 months ago. Its pre-money valuation sat at around USD 27 bn, the sources said.

What’s driving the jump: Crusoe recently signed a five-year, roughly USD 13 bn cloud agreement with Jane Street to supply GPUs and other computing capacity — a contract Bloomberg says helped draw more interest to the raise. The company also supplies Meta, Microsoft, and Oracle, as demand for AI compute keeps data-center spending elevated. Crusoe moved into the AI infrastructure space after an initial focus on sectors like natural gas and crypto mining.

The scale-up is getting serious: Crusoe said in June it had contracts covering 4.9 GW of computing power and a project pipeline above 40 GW. It is also developing the flagship Texas site for OpenAI and Oracle’s Stargate project, with Microsoft leasing an expansion of the campus.

Why it matters: Mubadala Capital's position in Crusoe dates to the USD 350 mn Series C in June 2022. It's stayed in every round since: the USD 600 mn Series D, the USD 1.375 bn Series E it co-led with Valor last October, and now this one, as Crusoe's valuation has climbed roughly 17x in three years. It's one of the clearest live examples of how early — and how consistently — Gulf capital has bet on the physical infrastructure layer of the AI buildout, not just the model layer.

What’s next: Crusoe is also separately in talks with JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America about a potential IPO, Axios reported in August. No timeline, size, or valuation has been set, and the company continues to weigh private capital alongside it. A listing would eventually give Mubadala Capital a public exit path on a position it’s held for three years, and would be one of the first real tests of how public markets price a company whose valuation has, so far, been set entirely by private rounds.