Crusoe Energy, a startup specializing in AI data centers, has secured $686 million of its targeted $817 million funding, according to a recent SEC filing. The company, which began as a cryptomining venture in 2018, is now focusing on high-performance computing (HPC) and artificial intelligence (AI).
A spokesperson for Crusoe confirmed ongoing discussions with investors, indicating strong confidence in the company's business model. The funding round, led by Peter Thiel's Founders Fund, aims to value Crusoe at approximately $3 billion.
Recently, Crusoe signed a deal to house GPUs at atNorth's ICE02 data center in Iceland, leveraging the region's natural resources for energy-efficient computing. This move aligns with the growing demand for GPU-powered AI solutions.
Crusoe's transition from cryptomining to AI reflects wider industry trends, as companies increasingly seek sustainable computing solutions. Their unique approach to utilizing wasted natural gas for data centers positions them competitively against rivals like CoreWeave and Hut 8.
Looking ahead, the company has formed a $3.4 billion joint venture with Blue Owl Capital to develop a large data center in Abilene, Texas, with Oracle and Microsoft expected to be key tenants. If successful in securing further funding, Crusoe could become a significant player in the AI infrastructure landscape.