Crusoe - AI infrastructure group weighs IPO amid $30bn round talks
It is being widely reported that next-gen AI infrastructure business Crusoe is looking at a potential IPO, having recently been in discussions with a number of heavyweight investment banks including JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America. As yet however, no details have been finalised.
The company is also apparently pursuing private capital, with Bloomberg reporting in July that the company was discussing a c.$3 billion round at a valuation of c.$30 billion.
Crusoe previously completed an initial $1.375 billion, oversubscribed Series E funding round in October 2025, co-led by Valor Equity Partners and Mubadala Capital, at a valuation “above $10 billion”. This was hot on the heels of a $600 million Series D round just ten months earlier at a $2.8 billion valuation.
Clients of Optimo Capital participated in the Crusoe Series E round via an $18 million syndication.
AI factory
Crusoe is a vertically integrated AI infrastructure business, taking care of all aspects of the value chain from energy to cloud services. While data centre developers typically treat these as sequential processes, Crusoe co-develops power and construction from the start, manufactures long-lead electrical components at its own facilities in the US, and ships prefabbed equipment ready for installation. The integration extends to Crusoe Cloud, the firm’s AI platform built for training, inference, and high-performance computing.
In June, Crusoe announced it had contracted 4.9 gigawatts (GW) of AI infrastructure spanning its data centre projects and capacity for Crusoe Cloud. Crusoe’s total development pipeline – inclusive of its contracted projects, sites under active tenant negotiation, and sites in advanced development – exceeds 40 GW. The milestone reflects accelerating demand from the world's leading hyperscalers, enterprises, and AI natives for Crusoe's vertically integrated approach to AI infrastructure.
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