Crusoe Raises USD 1.3 Billion from Mubadala, Valor Equity Partners, and Nvidia to Expand AI Data Centers

Denver, Colorado, October 23, 2025- Crusoe Energy Systems is poised to raise approximately USD 1.38 billion in a Series E funding round, valuing the company at around USD 10 billion, according to media reports.

The financing round is reportedly led by Mubadala Capital and Valor Equity Partners, and includes participation from major investors such as Nvidia, Fidelity Management, and Founders Fund.

Founded in 2018, Crusoe originally focused on converting flared natural gas into computer power for tasks such as bitcoin mining. It has since repositioned itself as a developer of large-scale AI-data-centre infrastructure. One of its marquee projects is a 1.2-gigawatt campus being built in Abilene, Texas, reportedly costing about US $12 billion and targeted for completion around mid-2026.

In addition, Crusoe says it has amassed a development pipeline totalling about 45 gigawatts of data-centre capacity, “about eight to ten New York Cities” worth of power demand, as quoted by CEO Chase Lochmiller.

The fresh capital is slated to fund the acquisition of advanced hardware, including GPUs, and accelerate the build-out of Crusoe’s globally focused “neocloud” infrastructure. The company calls itself a vertically integrated stack: it controls both energy sourcing (including stranded or low-cost power) and data-centre development.

While the numbers signal a major vote of confidence in AI-infrastructure builds, experts caution that execution remains the key risk, especially given power-supply constraints, permitting, construction timelines, and cost inflation.

As Lochmiller himself put it, “Power is very scarce right now… there have been a lot of commitments made in the space where I can’t vouch for the reality that they will happen.”

With this funding, Crusoe is entering the major league of AI-data-centre developers, joining a wave of firms racing to supply the compute backbone for generative AI, training clusters, and hyperscale workloads. The coming months will be critical; the company must convert funding into physical capacity, secure tenants, and deliver on schedule.