Crusoe, the US developer of AI data centers, has raised 3 billion USD (about 470 billion yen) at a valuation of 30 billion USD (about 4.7 trillion yen), according to Bloomberg. Its valuation stood at 10 billion USD at the previous round only 10 months ago, so the figure has tripled. The raise follows reports that Crusoe signed a roughly 13 billion USD cloud contract with the trading firm Jane Street.
※1 USD = 156 JPY (early September 2026)
A Valuation That Tripled in 10 Months
The round is co-led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital, the asset management arm of Abu Dhabi's sovereign wealth fund Mubadala.
Crusoe announced its previous raise in October 2025: a 1.38 billion USD (about 220 billion yen) Series E at a 10 billion USD (about 1.6 trillion yen) valuation. Tripling that in under a year says less about the company alone than about how scarce operators that can actually build and run AI compute have become.
The Jane Street Contract Did the Heavy Lifting
The deal most often cited as the trigger is the agreement with Jane Street, the quantitative trading firm. Crusoe is reported to supply GPUs and AI infrastructure over five years in a contract worth roughly 13 billion USD (about 2 trillion yen).
The pairing stands out. Until now, the companies buying Crusoe's compute have been Meta, Microsoft, OpenAI and Oracle, all of them builders of AI models. A trading house now sits alongside them at a comparable scale, which suggests demand for large training clusters is spreading beyond the AI labs themselves.
It Started With Flare Gas Mining
Crusoe was founded in 2018, and its original business was crypto mining powered by flared associated gas at oil fields. The premise of turning wasted energy into computation has not changed; the workload simply shifted from crypto to AI.
Today the company builds hyperscale data center campuses and runs its own cloud. In June 2026, Crusoe said its contracted AI infrastructure capacity across data centers and cloud was approaching 5 gigawatts. In March it announced a 900 megawatt campus in Abilene, Texas to support Microsoft AI infrastructure, and in July a 1 gigawatt campus in Childress, Texas together with Lancium.
Securing Power on Its Own Terms
The binding constraint for AI data centers is no longer land or silicon. It is electricity, and Crusoe's announcements over the past year cluster there.
In March the company agreed with Form Energy on 12 gigawatt hours of iron-air batteries. In June it signed a roughly 750 megawatt US power agreement with Bergen Engines. In July it outlined a plan with ON.energy to deploy 5 gigawatts of uninterruptible power for data centers, and it formed a partnership with the small reactor developer Aalo Atomics aimed at a nuclear-powered AI factory. Generation, storage and cooling are all being pulled in house, which makes Crusoe look closer to a utility than to a cloud vendor.
IPO Talk Is Circulating
Alongside the raise, there is talk of a listing. Axios reported in August that Crusoe had met with investment banks including Goldman Sachs and Morgan Stanley to discuss a potential near-term IPO. Crusoe itself has not formally announced any listing plan, so this remains at the level of reporting.
Summary
Crusoe is reported to have raised 3 billion USD at a 30 billion USD valuation. The roughly 13 billion USD Jane Street contract came just before it, and the valuation has tripled in 10 months. A company that began by mining crypto on flare gas now controls power at the gigawatt scale. How far AI compute demand runs is still an open question, but for now the money is flowing to whoever can secure electricity.
