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Pre-IPO

Crusoe

Vertically-integrated AI infrastructure platform spanning energy, data centers and AI cloud, with $140B+ in total contracted value

Last published price (USD)223.51
09/2025 — 10/2026+226.1%
09/202510/202506/202609/202610/2026
223.51Last published price (USD)
$30.9BPost-money valuation
HighMarket activity
LiveStatus

Who they are & what they do

SectorTechnology Hardware
Industries
AI InfrastructureGpu / AI Cloud ComputingHyperscale & Modular Data CentersEnergy Infrastructure
Company overview

Crusoe is a vertically-integrated AI infrastructure provider covering the full compute value chain, from energy origination and data center construction to a proprietary AI cloud. Founded in 2018 by Chase Lochmiller and Cully Cavness, it secures power at the source, a key advantage given energy scarcity in AI deployment. Customers include OpenAI (Abilene campus), Microsoft and Meta, plus a $13B five-year contract with Jane Street.

The company reports $140B+ in contracted value, 6GW+ of contracted capacity (1GW operational), 20x+ growth in cloud bookings and $100M+ ARR from Managed Inference. Valuation rose from $2.8B (Dec 2024) to $30.9B in the September 2026 Series F. Meetings with Goldman Sachs and Morgan Stanley and the hiring of former MongoDB CFO Michael Gordon point to a near-term IPO. Key risks are capital intensity, customer concentration and execution on a multi-gigawatt build-out.

Key investors

Atreides ManagementValor Equity PartnersMubadala CapitalFounders FundNvidiaGICQatar Investment AuthorityTPGFidelityT. Rowe PriceBaillie GiffordAltimeterTiger GlobalRibbit CapitalRadical Ventures
Founded 2018
Country United States
Employees 1,800
Website www.crusoe.ai

Website: www.crusoe.ai

Why look at this deal

Highlights

  1. 01Vertical Integration
  2. 02$140B+ TCV
  3. 036GW+ Contracted
  4. 04Tier-1 Backers
  5. 05IPO Candidate

Deal snapshot

Market activityHigh
Last published price (USD)223.51
Last roundSeries F
Round dateSep 2026
Amount raised (last round)$3.9B
Post-money valuation$30.9B
Total funding$6.5B
LFR price/share$205.97

Locked fields are disclosed after expressing interest.

Pre-IPO investment risks

Standard notice applying to all pre-IPO deals. This platform only publishes information about the opportunity: each deal is managed by a regulated, licensed investment firm or bank in the relevant jurisdictions.

  1. Illiquidity. There is no regulated market: the ability to sell depends on secondary-market demand.
  2. Price not guaranteed. The last published price is not an official market price and can vary between transactions.
  3. Uncertain valuation. Based on private rounds and limited transactions, not on audited public financial statements.
  4. No IPO guarantee. The listing may be delayed or never happen; the liquidity horizon is undetermined.
  5. Lock-up. If the company lists, selling restrictions of 90–180 days or longer may apply.
  6. Limited information. Private companies have reduced disclosure obligations and not-always-audited data.
  7. Dilution. Subsequent rounds can dilute existing positions, even significantly.
  8. Transfer restrictions. Rights of first refusal (ROFR) and corporate consents can delay or prevent settlement.

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