Crusoe Raising Pre-IPO Round Above $10B Valuation

In March 2026, Crusoe, a Denver-based developer of AI data centers and provider of AI cloud computing, was raising a pre-IPO funding round above the more than $10 billion valuation of its October 2025 Series E. Axios Pro first reported the raise on March 16 and on March 25 put the target at up to $2 billion at a valuation of $30–40 billion.

What did Axios Pro report about Crusoe's new round?

Two reports based on unnamed sources: first a raise at a higher valuation, then the target range. Crusoe itself had not announced the round.

On March 16, Axios Pro wrote that Crusoe was raising new funding at a step-up from its October 2025 valuation and was widely seen as a candidate for a 2026 IPO. On March 25, it reported that the pre-IPO round could raise up to $2 billion at $30–40 billion, three to four times the Series E level.

How did Crusoe reach a valuation above $10 billion?

Through two large rounds ten months apart, as the company moved from bitcoin mining to AI infrastructure.

In December 2024, Founders Fund led a $600 million Series D at a $2.8 billion valuation, with NVIDIA, Fidelity and Mubadala among the investors. In October 2025, Crusoe announced the initial close of its Series E and said Crusoe Cloud bookings had grown fivefold in the first three quarters of 2025. What such rounds say about a company's stage is explained in Series A, B, C and D rounds; every Crusoe round since 2022 is in Crusoe's valuation history.

What does Crusoe do?

Crusoe secures power, builds data centers and rents out GPU computing through Crusoe Cloud.

Chase Lochmiller and Cully Cavness founded it in 2018 to power modular data centers at oil fields with gas that would otherwise be flared. According to the company's timeline, Crusoe Cloud became generally available in December 2024. Its flagship project is a 1.2-gigawatt campus in Abilene, Texas, the lead site of Stargate, the AI infrastructure program of OpenAI, SoftBank and Oracle; the first phase went live in 2025.

Is Crusoe preparing for an IPO?

By March 2026 Crusoe had not filed for an IPO, but reports and hires pointed toward a listing.

In December 2025, ION Analytics reported that Crusoe was discussing a listing with banks, possibly as early as 2026, with no lead bank appointed. The same month, Crusoe named Michael Gordon, who as MongoDB's CFO led that company through its IPO, as chief operating officer and chief financial officer. The listed peer CoreWeave, a GPU cloud provider that went public in March 2025, was trading 113% above its debut price in early December, ION Analytics noted. How an IPO works for existing shareholders is covered in what an IPO is.

What are the risks for investors?

The reported terms were not confirmed, and a private company's valuation is not a market price.

• Unconfirmed terms. The range comes from Axios Pro's sources; the final size and price can differ.
• No public financials. Crusoe does not publish audited results; revenue figures in the press are estimates.
• Few large customers. Gigawatt campuses depend on a handful of tenants and on construction financing.
• Liquidity. Pre-IPO shares cannot be freely sold before a listing; see private market liquidity.

Update (October 2026): On September 17, 2026, Crusoe announced the initial close of an anticipated $3.9 billion Series F at a $30.9 billion post-money valuation, at the low end of the range reported in March; its Form D showed $3.1 billion sold. As of October 21, 2026, Crusoe has not publicly filed an S-1.