Crusoe in Talks to Raise $3 Billion as AI Data-Center Valuations Triple

The energy-first data-center builder supplying Meta and Oracle may triple its valuation to about $30 billion in nine months — the clearest mark yet of how hot AI-infrastructure capital has run.

Jul 7, 2026Source: Bloomberg

Crusoe in Talks to Raise $3 Billion as AI Data-Center Valuations Triple

Crusoe, the energy-first data-center builder that supplies AI computing power to Meta and Oracle, is in talks to raise about $3 billion in a round that could value it near $30 billion, Bloomberg reported on July 2, 2026 — roughly triple its valuation from last October.

The round

Per Bloomberg, talks are active, a final valuation has not been set, and no lead investor or structure has been disclosed; investors involved expect the figure to land around $30 billion including the new money, against about $10 billion nine months ago. Crusoe did not respond to requests for comment.

From flare gas to AI

Founded in 2018 as a cryptocurrency-mining operation powered by stranded and flared natural gas, Crusoe pivoted its energy-arbitrage model to AI cloud infrastructure — putting compute where cheap power already exists rather than bidding for grid capacity where data centers traditionally cluster. That energy-first posture has become the industry's scarcest skill as power, not chips, hardens into the binding constraint on AI buildout.

The numbers behind the price

Crusoe reported 4.9 gigawatts of contracted capacity as of June, with a project pipeline exceeding 40 gigawatts. Contracts with hyperscale-class customers like Meta and Oracle give investors the revenue visibility that justifies infrastructure-style multiples — though the tripling of the equity value in under a year is being read by skeptics as a sign of how much future buildout is already priced in.

The boom around it

Crusoe's raise is one data point in a financing wave across AI infrastructure. FluidStack is reportedly in talks for $1 billion at an $18 billion valuation, and utilities are moving too — National Grid committed $1.75 billion to dedicated AI-data-center power earlier this month. With hyperscaler capital expenditure guidance in the hundreds of billions for 2026, the middlemen who can deliver powered, contracted capacity fastest are commanding the steepest markups — and drawing the most pointed questions about what happens if token demand growth ever pauses.

Why It Matters

A 3x valuation jump in nine months for a data-center builder is the purest available signal of where AI capital concentration sits in mid-2026: not in models, but in powered land and grid access. If the round closes near $30 billion, every energy-adjacent compute builder reprices — and the gap between infrastructure commitments and monetizable AI demand becomes the market's most important number to watch.

Filed underAI Data Centers #AI funding #AI infrastructure #Crusoe #energy