Data center operator Crusoe just locked in a massive $3.9 billion Series F round, putting the company’s valuation at $30.9 billion. The round was led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Other big-name investors joining in were Nvidia, Founders Fund, GIC, and Qatar Investment Authority.

Where the money’s going

Crusoe plans to use the fresh capital to build out large-scale AI campuses and modular data centers under the Crusoe Spark brand. These modules are factory-built and can be deployed on-site within weeks instead of years, letting Crusoe ramp up capacity way faster than traditional builds.

Scale and deployment

According to Crusoe, they’ve already locked in contracts for over 6 GW of capacity, with more than 1 GW already up and running.

Who’s in on the round

The round was anchored by Atreides Management, Mubadala Capital, and Valor Equity Partners. Investors also include Nvidia, Founders Fund, GIC, and Qatar Investment Authority.