Crusoe Closes $600M in Series D Round at $2.8 Billion Valuation to Power AI

SAN FRANCISCO, Dec. 12, 2024 (GLOBE NEWSWIRE) -- Crusoe, the industry’s first vertically integrated AI infrastructure provider, today announced it has closed a $600 million Series D funding round. The investment was led by Founders Fund, with participation from new and existing investors, including Fidelity, Long Journey Ventures, Mubadala, NVIDIA, Ribbit Capital, and Valor Equity Partners. Through its innovative approach, Crusoe has established itself as a leader in the AI industrial revolution.

“The biggest risk with AI is that we don't go big enough. Crusoe is here to liberate us from the island of limited ambition,” said Peter Thiel, Partner at Founders Fund.

Crusoe provides a reliable, cost-effective, and environmentally aligned solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders with a feature-rich development platform.

“We believe a new approach is needed to power the AI revolution,” said Chase Lochmiller, CEO and co-founder of Crusoe. “To reduce complexity, accelerate time-to-value, and support the most demanding AI solutions, customers need a vertically integrated approach. We are able to innovate faster and bring new, state-of-the-art capacity online in a fraction of the time compared to legacy cloud providers while delivering unmatched results for customers, making the promises of AI a reality.”

In addition to funding, Crusoe announced the general availability of Crusoe Cloud, the high-performance cloud platform tailored for AI and machine learning (ML) workloads. Starting today, developers and data scientists can access Crusoe Cloud’s cutting-edge resources, managed services, and enterprise-grade support for AI exploration, model training, fine-tuning, and scalable inference workloads.

Today’s announcements advance Crusoe’s mission to align the future of computing with the future of the climate. As the demand for AI grows, so does the demand for the infrastructure and resources to support it. With the latest fundraise, Crusoe will invest in expansion and growth across the value chain, including its data centers and Crusoe Cloud. Crusoe focuses on utilizing clean, abundant, and low-cost energy to power its computing resources and has over 15 gigawatts in development. Crusoe recently announced a new data center in Abilene, Texas with over 1.2 gigawatts planned, which will make it one of the largest high-performance computing clusters in the world. With more data centers planned, the company will expand into new markets and support job creation and resources for local communities.

“Crusoe is reimagining AI infrastructure from the ground up to meet and exceed organizations' demands, powering the next wave of innovation in a sustainable way,” said Sean Liu, Partner at Founders Fund. “By innovating at every layer of the stack, Crusoe delivers unmatched price-performance, speed-to-market, and a platform customers can rely on for years to come. We invest in smart people solving difficult problems and we're excited to be a part of the journey.”

Crusoe has seen massive growth and global footprint expansion of its AI infrastructure over the past year. Growth metrics include:

• Customer Growth: Customer count grew by over 7x in the past 12 months.
• Strengthened Partnerships and Engagements: New and expanded collaborations with VAST Data, Rescale, SES AI, NVIDIA, Deloitte, and other key industry leaders.
• Footprint Expansion: Crusoe now operates in nine states and three countries, including Iceland, serving customers around the world.
• Economic Impact: New data center launched in Abilene, Texas, is projected to add $1 billion to the local economy over the next 20 years and create more than 800 local jobs.
• Strategic Leadership Appointments: Company welcomed Bill Stein, Peter Gross, and Matt Field to its board of advisors and appointed Nadav Eiron as Senior Vice President of Cloud Engineering to scale its Cloud platform.
  

“With Crusoe, we scaled our capacity five times within hours to serve all of our Oasis users across Europe. This enabled Oasis to seamlessly scale to over two million users in just four days,” said Dean Leitersdorf, CEO and co-founder of Decart.

“Codeium helps over 700,000 developers and hundreds of enterprises accelerate writing and deploying code into production with an AI-based code assistant developed with compute support Crusoe Cloud. Codeium's NVIDIA H100 Tensor Core GPUs on Crusoe have been incredibly reliable with a cluster uptime of 99.98%,” said Varun Mohan, CEO and co-founder of Codeium.

To learn more about Crusoe, please visit: https://crusoe.ai/

About Crusoe
Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders to reach their AI potential. Crusoe is empowering the AI revolution.

Media Contact
Stephanie Schlegel
Offleash for Crusoe
Crusoe@offleashpr.com

source: Crusoe