Observed Signal · Sep 23, 2026 · Funding · Source: Newcomer · Impact: 3/5 · Sentiment: Positive
Crusoe on Track for $2B Revenue Amid Data Center Backlash
Crusoe, a data center builder and cloud provider, is on track for $2 billion in revenue this year, according to financials obtained by Newcomer. The company recently raised $3.9 billion at a $30.9 billion valuation, led by Atreides Management, Valor Equity Partners, and Mubadala. CEO Chase Lochmiller believes better marketing can quell the political uproar against data centers. The article highlights the contradiction of the AI industry's rapid growth and its uncertain future, as public backlash against data centers builds.
Crusoe's significant funding and revenue growth signal strength in AI infrastructure, but the backlash highlights industry challenges, making it moderately important for AdTech and tech infrastructure.
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Key Takeaways & Evidence Grounding
- Crusoe raised $3.9 billion at a $30.9 billion valuation.
- The funding round was led by Atreides Management, Valor Equity Partners, and Mubadala.
- Crusoe is on track to generate $2 billion in revenue this year.
- CEO Chase Lochmiller suggests better marketing can address political backlash.
- The article is based on financials obtained by Newcomer.
Connected Companies & Entities
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“The funding round was led by Atreides Management, Valor Equity Partners, and Mubadala....”
Ontology Mapping & Concepts
Related Market Signals & Shifts
Recent verified developments and strategic activity across this market segment.
Crusoe raises $3B at $30B valuation
Crusoe, a vertically integrated U.S. neocloud AI data center developer, has raised $3.9 billion in a Series F funding round, making it the most equity-backed private neocloud and boosting its post-money valuation to $30.9 billion. The oversubscribed round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, QIA, Radical Ventures, and TPG. Crusoe, which pivoted from Bitcoin mining to GPU-as-a-Service, serves customers including Meta, Microsoft, OpenAI, Oracle, and Jane Street. The funds will expand its modular 'AI factories' (Spark) and support projects like the Abilene, Texas campus for OpenAI's Stargate initiative. It recently signed a $13 billion five-year AI cloud contract with Jane Street and reports over $140 billion in total contracted value. Crusoe is exploring an IPO with Goldman Sachs and Morgan Stanley and has added Thomas Seifert, Bill Stein, and JB Straubel to its board.
Crusoe abandons $1.25B Boom turbine deal for AI data centers
Crusoe, a Denver-based AI data center startup, has abandoned a $1.25 billion agreement to purchase 29 of Boom Supersonic's 42-megawatt Superpower natural gas turbines. The deal, announced last year, positioned Crusoe as Boom's launch customer for its stationary power plant business. Boom CEO Blake Scholl confirmed the termination in a social media post, noting that turbines are no longer part of Crusoe's near-term power mix. A Crusoe spokesperson cited the need for flexible energy solutions as the reason. The company's Abilene campuses for OpenAI and Oracle are grid-powered, while a Microsoft campus uses on-site gas turbines. Losing the launch customer is a setback for Boom, which raised $300 million in 2025 largely to commercialize this business.
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