AI data center and cloud firm Crusoe has raised $3.9 billion in a Series F funding round that values the company at $30.9bn.

The funding round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, alongside significant backing from new and existing investors including Founders Fund, GIC, Nvidia, Qatar Investment Authority (QIA), Radical Ventures, and TPG.

Denver-based Crusoe is the company behind OpenAI’s first Stargate campus in Abilene, Texas, and is developing several other data centers across the US, as well as leasing space from third-party providers to host its cloud platform, so it presumably needs access to a lot of cash.

"We believe AI will usher in an era of abundance: new scientific breakthroughs, unprecedented economic growth, and human prosperity," said Chase Lochmiller, co-founder and CEO of Crusoe. "Getting there means controlling the infrastructure from electrons to tokens, and we're grateful to have investors who share that conviction. This Series F lets us scale every layer for the world's most ambitious AI builders."

Launched in 2018 as a cryptomining business, Crusoe has pivoted to developing data centers offering AI cloud services and divested its crypto operations.

Alongside its Abilene campus, it is working on a 1.4GW site in Texas, two sites in Missouri, and natural gas-powered data centers in Alberta, Canada. It recently backed off from a project in Cheyenne, Wyoming, and was recently named as a potential partner for a project in Nebraska. It says it has 6GW of contracted capacity across its cloud and data center operations, with more than 1GW operational.

Earlier this month, the company inked a cloud services deal with financial trading company Jane Street, which is reportedly worth $13bn over five years.

“As AI grows, the economics flow to the lowest-cost producer of intelligence. Through a vertically-integrated model, Crusoe owns the entire value chain – a structural advantage that compounds as they build,” said Gavin Baker, managing partner and CIO of Atreides Management. “Chase and Cully [Caveness, Crusoe CTO] are world-class operators, and we’re thrilled to support team Crusoe as they lead the build-out of next-generation AI infrastructure.”