# Crusoe revenue, valuation & funding

Markdown copy of https://realalpha.app/companies/crusoe/ on Real Alpha, the best minutes from long interviews with the people building AI. Cite and link the page, not this copy.

Crusoe was valued at $30.9B in its September 2026 Series F, when its Managed Inference product passed $100M in contracted annual recurring revenue. It's private, and Axios reported in August 2026 that it was discussing a possible IPO with banks.

Checked Nov 7, 2026

## At a glance

- Valuation: $30.9B post-money, from its $3.9B Series F announced in September 2026.
- Revenue: no company-wide figure published. Managed Inference passed $100M in contracted annual recurring revenue in September 2026.
- Status: private. No stock ticker. Reported in August 2026 to be discussing a possible IPO with banks.
- Founded: 2018, by Chase Lochmiller and Cully Cavness, as a cryptocurrency miner using stranded natural gas.
- CEO: [Chase Lochmiller](https://realalpha.app/builders/chase-lochmiller/), who is also chairman of the board.
- Headquarters: Denver. Over 1,800 staff across five countries as of September 2026.
- Investors: Atreides Management, Mubadala Capital, Valor Equity Partners, Founders Fund, NVIDIA, GIC, QIA and TPG, among others.
- Products: Crusoe Cloud, Managed Inference, Crusoe Spark modular data centers and AI factory campuses such as Abilene, Texas.
- On Real Alpha: 9 moments of its people talking, from 2 interviews

## Is Crusoe public? Can you buy its stock?

No. Crusoe is a private company, so its shares don't trade on any stock exchange and it has no ticker symbol.

Axios reported in March 2026 that Crusoe was weighing public markets as one option, according to [The Next Web](https://thenextweb.com/news/crusoe-reportedly-in-talks-to-raise-3-billion-tripling-its-valuation). In August 2026 [Axios reported](https://finance.yahoo.com/technology/ai/articles/crusoe-discusses-potential-ipo-jpmorgan-143714977.html) it was discussing a possible IPO with JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America. Its executives haven't given a public timeline, and no IPO filing has been reported.

Until then, its shares are held by its founders, staff and investors. In November 2025 it was [reported](https://finance.yahoo.com/news/neocloud-crusoe-nears-stock-sale-200936858.html) to be arranging a sale of about $120M of employee shares at roughly a $13B valuation. This page reports facts and gives no investment advice.

## Valuation, round by round

Its valuation went from $1.75B in April 2022 to $30.9B in September 2026, about tripling in the last year alone.

- Sep 2026 · $30.9B · $3.9B · Atreides Management, Mubadala Capital and Valor Equity Partners · [Crusoe newsroom](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- Oct 2025 · $10B+ · $1.375B · Valor Equity Partners and Mubadala Capital · [GlobeNewswire via Yahoo Finance](https://finance.yahoo.com/news/crusoe-ai-factory-company-raising-143000809.html)
- Dec 2024 · $2.8B · $600M · Founders Fund · [Reuters via Yahoo Finance](https://finance.yahoo.com/news/crusoe-secures-600-million-series-170449260.html)
- Apr 2022 · $1.75B · — · — · [Crusoe newsroom (Denver Business Journal)](https://www.crusoe.ai/resources/newsroom/crusoe-unicorn-startup)

[Bloomberg](https://techcrunch.com/2026/09/03/crusoe-reportedly-raises-3b-at-a-30b-valuation/) first reported the Series F as $3B at $30B, two weeks before Crusoe announced $3.9B at $30.9B. A November 2025 employee share sale of about $120M was reported at roughly $13B, outside any funding round.

## How Crusoe makes money

Crusoe builds AI data centers and rents out the computing inside them. It calls itself a vertically integrated AI infrastructure provider, from energy and buildings up to its cloud.

It said in September 2026 that it had over $140B in total contracted value across its platform ([Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)). In November 2026 it said it had more than 6 GW contracted and over 40 GW in its [pipeline](https://www.crusoe.ai/resources/newsroom/crusoe-wyoming-data-center-campus-update).

[Sacra](https://sacra.com/c/crusoe/) says its energy-first approach improves margins compared with traditional cloud providers. Crusoe publishes no profit or loss figures.

- **Crusoe Cloud.** Sells GPU and CPU capacity on spot, on-demand or reserved terms, and access to models with pay-as-you-go pricing. · [Crusoe](https://www.crusoe.ai/cloud/pricing)
- **No transfer fees.** Crusoe Cloud doesn't charge for network ingress or egress. · [Crusoe](https://www.crusoe.ai/cloud/pricing)
- **Data center leases.** Per Sacra, a growing share of revenue comes from data center infrastructure, mainly 15-year NNN leases. · [Sacra](https://sacra.com/c/crusoe/)
- **Building for others.** Crusoe says it is the developer of Google's data center campus under construction in Armstrong County, outside Amarillo, Texas. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-wyoming-data-center-campus-update)
- **Abilene revenue.** Sacra says the Abilene project is now expected to bring Crusoe $250M of revenue for 2026, up from $10M in earlier projections. · [Sacra](https://sacra.com/c/crusoe/)
- **Bitcoin mining sold.** In late 2024 Crusoe sold its bitcoin mining operation to NYDIG to focus on AI cloud infrastructure, per Sacra. · [Sacra](https://sacra.com/c/crusoe/)

From Crusoe's interviews

- [Bitcoin mining bridged Crusoe to AI infrastructure](https://realalpha.app/s/bitcoin-mining-bridged-crusoe-to-ai-infrastructure/) · Chase Lochmiller · Training Data · Oct 29, 2026
- [AI data centers are making energy and labor bottlenecks](https://realalpha.app/s/ai-data-centers-are-making-energy-and-labor-bottlenecks/) · Chase Lochmiller · All-In · Jul 23, 2025

## Products

- **Crusoe Cloud** (general availability in 2024). Its GPU cloud, opened alongside the $600M Series D with support from partners including NVIDIA. · [Crusoe](https://www.crusoe.ai/about/company)
- **Crusoe Managed Inference** (2025). Runs models for customers on Crusoe's own inference engine with MemoryAlloy technology. · [Crusoe](https://www.crusoe.ai/about/company)
- **Crusoe Spark** (2025). Modular AI data centers, launched with Redwood Materials. · [Crusoe](https://www.crusoe.ai/about/company)
- **Crusoe Edge Zones** (2026). AI infrastructure delivered on Spark modular data centers. · [Crusoe](https://www.crusoe.ai/about/company)
- **Newer launches.** Its homepage announces Crusoe Spark Liquid, plus Managed RL and Managed MLflow on Crusoe Cloud. · [Crusoe](https://www.crusoe.ai)
- **Abilene, Texas.** In 2024 Crusoe broke ground on Stargate, its 1.2 gigawatt data center campus there. · [Crusoe](https://www.crusoe.ai/about/company)
- **Wyoming.** Google acquired Crusoe's southeast Wyoming site on November 6, 2026, ending Crusoe's pre-development work on the project. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-wyoming-data-center-campus-update)
- **Atero.** Crusoe bought this Israeli GPU management startup in 2025 and set up its first R&D center in Tel Aviv. · [Sacra](https://sacra.com/c/crusoe/)

From Crusoe's interviews

- [Data centers need to explain their local impact](https://realalpha.app/s/data-centers-need-to-explain-their-local-impact/) · Chase Lochmiller · Training Data · Oct 29, 2026

## Customers

Crusoe names some of its customers but publishes no customer count.

- **[Cognition](https://realalpha.app/companies/cognition/),** named in September 2026 as a customer running on Crusoe Cloud. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- **[Figure](https://realalpha.app/companies/figure/),** named in September 2026 as a customer running on Crusoe Cloud. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- **[Perplexity](https://realalpha.app/companies/perplexity/),** named in September 2026 as a customer running on Crusoe Cloud. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- **Jane Street** signed a five-year, $13B cloud contract for GPUs and AI infrastructure, Bloomberg reported in September 2026. · [TechCrunch](https://techcrunch.com/2026/09/03/crusoe-reportedly-raises-3b-at-a-30b-valuation/)
- **[Microsoft](https://realalpha.app/companies/#microsoft).** In March 2026 Crusoe announced a 900 MW AI factory campus in Abilene, Texas for Microsoft. · [Crusoe](https://www.crusoe.ai/about/company)
- **Managed Inference.** Launched late in 2025, it had contracted over $100M in annual recurring revenue by September 2026. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)

## Leadership

Crusoe had a workforce of over 1,800 across five countries in September 2026, with new offices in Bellevue and New York City ([Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)).

- **[Chase Lochmiller](https://realalpha.app/builders/chase-lochmiller/),** co-founder, CEO and chairman of the board of directors. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Cully Cavness,** co-founder, president and chief strategy officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Michael Gordon,** chief operating officer and chief financial officer. He held both roles at MongoDB before. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Nitin Perumbeti,** chief technology officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Chris Dolan,** chief data center officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Jamey Seely,** chief legal officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Matt Field,** chief real estate officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Tara Green,** chief people officer. · [Crusoe](https://www.crusoe.ai/about/leadership)
- **Tim Loos,** chief accounting officer. · [Crusoe](https://www.crusoe.ai/about/leadership)

From Crusoe's interviews

- [A founder scales by growing alongside the company](https://realalpha.app/s/a-founder-scales-by-growing-alongside-the-company/) · Chase Lochmiller · Training Data · Oct 29, 2026
- [Cross-team alignment takes repeated communication](https://realalpha.app/s/cross-team-alignment-takes-repeated-communication/) · Chase Lochmiller · Training Data · Oct 29, 2026
- [CEOs need to actively seek out bad news](https://realalpha.app/s/ceos-need-to-actively-seek-out-bad-news/) · Chase Lochmiller · Training Data · Oct 29, 2026
- [Companies can outgrow people who once fit their roles](https://realalpha.app/s/companies-can-outgrow-people-who-once-fit-their-roles/) · Chase Lochmiller · Training Data · Oct 29, 2026

## Who owns Crusoe?

Its founders, staff and investors. As a private company it doesn't publish who holds what, and no stake has been disclosed.

- **Atreides Management, Mubadala Capital and Valor Equity Partners** co-led the $3.9B Series F in September 2026. · [Crusoe newsroom](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- **Valor Equity Partners and Mubadala Capital** co-led the $1.375B Series E in October 2025. · [GlobeNewswire via Yahoo Finance](https://finance.yahoo.com/news/crusoe-ai-factory-company-raising-143000809.html)
- **Mubadala Capital** says it has partnered with Crusoe since 2022 and invested in every round since. · [Crusoe newsroom](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- **Founders Fund** led the $600M Series D in December 2024. · [Reuters via Yahoo Finance](https://finance.yahoo.com/news/crusoe-secures-600-million-series-170449260.html)
- **GIC, [NVIDIA](https://realalpha.app/companies/#nvidia), Qatar Investment Authority, Radical Ventures and TPG** backed the Series F alongside Founders Fund. · [Crusoe newsroom](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)

## Competitors

Crusoe competes with other specialist GPU clouds, often called neoclouds. A September 2026 buyer guide from [Metro Colo Advisory](https://metrocoloadvisory.com/coreweave-competitors/) lists it among the rivals to CoreWeave.

[Sacra](https://sacra.com/c/crusoe/) says the GPU cloud market is consolidating around three major players. Sacra estimates that CoreWeave has raised $12.1B and Crusoe $5.4B, and counts both among them.

- **[CoreWeave](https://realalpha.app/companies/#coreweave),** the largest of the specialist GPU clouds. · [Sacra](https://sacra.com/c/crusoe/)
- **[Lambda](https://realalpha.app/companies/lambda/),** a specialist GPU cloud. · [Metro Colo Advisory](https://metrocoloadvisory.com/coreweave-competitors/)
- **[Nebius](https://realalpha.app/companies/#nebius),** a specialist GPU cloud. · [Metro Colo Advisory](https://metrocoloadvisory.com/coreweave-competitors/)
- **[Together AI](https://realalpha.app/companies/together-ai/),** a specialist GPU cloud. · [Metro Colo Advisory](https://metrocoloadvisory.com/coreweave-competitors/)
- **Fluidstack and Voltage Park,** also listed as specialist GPU clouds. · [Metro Colo Advisory](https://metrocoloadvisory.com/coreweave-competitors/)

What its people said about the competition

- [Most startups fail through execution, not competition](https://realalpha.app/s/most-startups-fail-through-execution-not-competition/) · Chase Lochmiller · Training Data · Oct 29, 2026

## Timeline and latest news

- Nov 6, 2026 · Google acquired Crusoe's southeast Wyoming data center site. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-wyoming-data-center-campus-update)
- Sep 17, 2026 · Announced a $3.9B Series F at a $30.9B post-money valuation. · [Crusoe newsroom](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- Sep 17, 2026 · Said Managed Inference had contracted over $100M in annual recurring revenue. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding)
- Sep 3, 2026 · Bloomberg reported a five-year, $13B cloud contract with Jane Street. · [TechCrunch](https://techcrunch.com/2026/09/03/crusoe-reportedly-raises-3b-at-a-30b-valuation/)
- Aug 17, 2026 · Axios reported Crusoe was discussing a possible IPO with four large banks. · [Yahoo Finance (Axios)](https://finance.yahoo.com/technology/ai/articles/crusoe-discusses-potential-ipo-jpmorgan-143714977.html)
- Jul 2, 2026 · Bloomberg reported Crusoe in talks to raise about $3B at roughly $30B. · [The Next Web](https://thenextweb.com/news/crusoe-reportedly-in-talks-to-raise-3-billion-tripling-its-valuation)
- Mar 2026 · Announced a 900 MW AI factory campus in Abilene, Texas for Microsoft. · [Crusoe](https://www.crusoe.ai/about/company)
- Nov 24, 2025 · Settled its patent lawsuits with Upstream Data. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-upstream-data-to-resolve-lawsuit)
- Nov 5, 2025 · Was reported to be arranging a $120M employee share sale at about $13B. · [Reuters via Yahoo Finance](https://finance.yahoo.com/news/neocloud-crusoe-nears-stock-sale-200936858.html)
- Oct 24, 2025 · Announced a $1.375B Series E, bringing its expected valuation above $10B. · [GlobeNewswire via Yahoo Finance](https://finance.yahoo.com/news/crusoe-ai-factory-company-raising-143000809.html)
- Dec 12, 2024 · Raised a $600M Series D at $2.8B, led by Founders Fund. · [Reuters via Yahoo Finance](https://finance.yahoo.com/news/crusoe-secures-600-million-series-170449260.html)
- Apr 22, 2022 · A funding round valued Crusoe at $1.75B. · [Crusoe newsroom (Denver Business Journal)](https://www.crusoe.ai/resources/newsroom/crusoe-unicorn-startup)

## Legal matters

- **Upstream Data** (settled November 24, 2025). Both sides dismissed their patent infringement lawsuits and entered a license agreement on confidential terms. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-upstream-data-to-resolve-lawsuit)

## In their own words, and what followed

- [AI data centers are making energy and labor bottlenecks](https://realalpha.app/s/ai-data-centers-are-making-energy-and-labor-bottlenecks/) · Chase Lochmiller · All-In · Jul 23, 2025
  > “Data centers are forecasted to account for 20% of the growth in power demand between now and 2030.”
  Reported after · In March 2026 Crusoe announced a new 900 MW AI factory campus in Abilene, Texas for Microsoft. · [Crusoe](https://www.crusoe.ai/about/company)

- [Data centers need to explain their local impact](https://realalpha.app/s/data-centers-need-to-explain-their-local-impact/) · Chase Lochmiller · Training Data · Oct 29, 2026
  > “what the data center industry, like their biggest problem is we have a marketing problem.”
  Reported after · About a week later, on November 6, 2026, Google acquired Crusoe's site in southeast Wyoming, ending Crusoe's pre-development work there. · [Crusoe](https://www.crusoe.ai/resources/newsroom/crusoe-wyoming-data-center-campus-update)

## What others say about Crusoe

- [Cloud cash flow could finance more of the 2027 AI buildout](https://realalpha.app/s/cloud-cash-flow-could-finance-more-of-the-2027-ai-buildout/) · Gavin Baker · TBPN · Oct 27, 2026
  > “I mean, Atreides and Valor, we co-led Crusoe with Mubadala.”
- [GPU supply is tight despite the capacity coming online](https://realalpha.app/s/gpu-supply-is-tight-despite-the-capacity-coming-online/) · Gavin Baker · TBPN · Oct 27, 2026
  > “these are companies that could bring on GPUs and energize them and and run them.”
- [Valuation discipline can make venture firms miss power-law winners](https://realalpha.app/s/valuation-discipline-can-make-venture-firms-miss-power-law/) · Matthew Harris · How I Invest · Oct 26, 2026
  > “we did Crusoe and, you know, ten years ago”
- [AI investors should look for expertise, speed and brand](https://realalpha.app/s/ai-investors-should-look-for-expertise-speed-and-brand/) · Harrison Chase · 20VC · Oct 17, 2026
  > “We had Chase on the show from Crusoe, who also have that as part of their business.”

## Questions people ask

### Is Crusoe a public company? Can I buy Crusoe stock?

No. Crusoe is private and has no ticker, so its shares aren't sold on any exchange. It has been reported to be discussing a possible IPO.

### When will Crusoe IPO?

No date has been given. [Axios](https://finance.yahoo.com/technology/ai/articles/crusoe-discusses-potential-ipo-jpmorgan-143714977.html) reported in August 2026 that it was discussing a possible IPO with JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America.

### Who owns Crusoe?

Its founders, staff and investors, including Atreides Management, Mubadala Capital, Valor Equity Partners, Founders Fund, NVIDIA, GIC, QIA and TPG. Stakes haven't been disclosed.

### Who is the CEO of Crusoe?

[Chase Lochmiller](https://realalpha.app/builders/chase-lochmiller/), who co-founded Crusoe in 2018 and also chairs its board.

### Who founded Crusoe?

Chase Lochmiller and Cully Cavness, in 2018. It began as a cryptocurrency miner powered by stranded natural gas.

### How much is Crusoe worth?

$30.9B, the post-money valuation of the Series F it announced in [September 2026](https://www.crusoe.ai/resources/newsroom/crusoe-announces-series-f-funding).

### How much revenue does Crusoe make?

It doesn't publish total revenue. Its Managed Inference product passed $100M in contracted annual recurring revenue in September 2026. [Sacra](https://sacra.com/c/crusoe/) estimates 2024 revenue at $276M.

### How does Crusoe make money?

It rents GPU capacity on Crusoe Cloud, sells model inference, and builds and leases AI data centers for customers such as Microsoft.

### Who are Crusoe's customers?

Crusoe names Cognition, Figure and Perplexity as cloud customers. It builds campuses for Microsoft and Google, and Bloomberg reported a $13B contract with Jane Street.

### Where is Crusoe headquartered?

Denver. It had over 1,800 staff across five countries in September 2026.

## Every moment from Crusoe's people

### Crusoe CEO Chase Lochmiller: Turning Stranded Energy Into Intelligence
Training Data · Oct 29, 2026

- [A founder scales by growing alongside the company](https://realalpha.app/s/a-founder-scales-by-growing-alongside-the-company/) · 5 min
- [Most startups fail through execution, not competition](https://realalpha.app/s/most-startups-fail-through-execution-not-competition/) · 5 min
- [Bitcoin mining bridged Crusoe to AI infrastructure](https://realalpha.app/s/bitcoin-mining-bridged-crusoe-to-ai-infrastructure/) · 8 min
- [Cross-team alignment takes repeated communication](https://realalpha.app/s/cross-team-alignment-takes-repeated-communication/) · 4 min
- [Companies can outgrow people who once fit their roles](https://realalpha.app/s/companies-can-outgrow-people-who-once-fit-their-roles/) · 4 min
- [CEOs need to actively seek out bad news](https://realalpha.app/s/ceos-need-to-actively-seek-out-bad-news/) · 2 min
- [Coaching and practice can make a CEO a better communicator](https://realalpha.app/s/coaching-and-practice-can-make-a-ceo-a-better-communicator/) · 5 min
- [Data centers need to explain their local impact](https://realalpha.app/s/data-centers-need-to-explain-their-local-impact/) · 3 min

### Winning the AI Race Part 3: Jensen Huang, Lisa Su, James Litinsky, Chase Lochmiller
All-In · Jul 23, 2025

- [AI data centers are making energy and labor bottlenecks](https://realalpha.app/s/ai-data-centers-are-making-energy-and-labor-bottlenecks/) · 4 min

## People on Real Alpha

- [Chase Lochmiller](https://realalpha.app/builders/chase-lochmiller/), Co-founder & CEO, Crusoe

## How this page is sourced

Each figure links to the filing, company statement or news report it came from, with its date. Run rates are what reporters were told, not audited results; estimates and unconfirmed reports are marked. Quotes are what each person said on the record, with the minute they said it.