Crusoe's Spark Liquid data center unit enters production in Colorado in 2027

Crusoe's newest product is small next to its own campuses. The sixth-generation Spark Liquid unit is rated at up to 3.5 MW and built for Nvidia GB300 NVL72 racks [23].

The modular unit is the part of Crusoe's plan that can ship before a gigawatt campus is finished. That matters to buyers of AI capacity. Crusoe did not disclose pricing or named customers for the unit [23]. It also gave no final close date for the $3.9 billion Series F [6]. That leaves two open questions for customers and investors: who buys the first units, and when the round formally closes.

The production date follows a year that reset the company's valuation. Crusoe announced the initial closing of an anticipated $3.9 billion Series F on 17 September, at a $30.9 billion post-money valuation [6][10]. The round was oversubscribed. Atreides Management, Mubadala Capital and Valor Equity Partners co-led it [6][10]. Named investors included Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures and TPG [6][7][10]. Crusoe added three board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure's Bill Stein and Redwood Materials founder JB Straubel [7][10]. Proceeds will go to existing data center projects, including the Abilene, Texas site used by OpenAI, and to the company's modular Spark factories [6][10].

That is close to three times the $10 billion valuation Crusoe carried ten months earlier [6][7][10].

The new round is close to three times the size of the $1.38 billion raise Crusoe closed ten months earlier [6][7][10]. Before the announcement, Bloomberg reported that Crusoe was in talks to raise about $3 billion. The valuation could triple to around $30 billion [1][5]. Axios, as cited by Startup Fortune, reported as much as $2 billion at $30 billion to $40 billion [2]. The announced round came in higher on both counts [6][10].

The project record is not clean. Startup Fortune, citing Bloomberg, reported Crusoe was pushed aside from a planned 1.8 gigawatt campus near Cheyenne, Wyoming, after Google raised cost and timing concerns [2].

Crusoe builds power first, then puts AI compute on top of it, a pitch that dates to its bitcoin mining years [2]. That order matters. Co-founder and CEO Chase Lochmiller said the money would let Crusoe control "the infrastructure from electrons to tokens" [6][10].

What investors are buying

Crusoe reported more than $140 billion in total contracted value across its platform [6]. Gross contracted capacity across its data centers and cloud stands at more than 6 gigawatts. Of that, 1 gigawatt is delivered and operational [6]. Crusoe Cloud bookings grew more than 20 times year over year in 2026 to date, the company said [6]. Crusoe Managed Inference, launched in late 2025, has contracted more than $100 million in annual recurring revenue [6]. That is a large backlog.

The biggest disclosed contract is not with a hyperscaler. It is with a trading firm.

Jane Street signed a five-year cloud contract worth around $13 billion for GPUs and AI infrastructure, Bloomberg reported [9][10]. Jane Street is Crusoe's highest-profile cloud customer yet, and the deal helped attract interest in the fundraising, according to the same report [5]. Crusoe's customer list also includes Meta, Microsoft and Oracle [7][10].

From crypto mining to neocloud

Crusoe was founded in 2018 as a crypto mining operation powered by flared natural gas, then pivoted to AI infrastructure as demand for computing power rose [8][10]. In 2025 it raised $1.38 billion at a valuation of more than $10 billion, co-led by Valor Equity Partners and Mubadala Capital [1][3][4]. Investors included Nvidia, Fidelity Management and Founders Fund [4]. In November 2025, The Information reported an employee share sale that valued Crusoe at around $13 billion, a 30% premium to that round [4]. By then the company had raised about $3.9 billion since its inception [4].

The Series F alone matches that lifetime total [4][6]. In June, Crusoe said it had contracts for 4.9 gigawatts of computing power and more than 40 gigawatts in its project pipeline [1][3].

What happens next

The Series F was an initial closing of an anticipated round, and Crusoe gave no final close date [6]. The company said proceeds will scale existing programs, build large vertically integrated campuses and modular Spark units, and grow Crusoe Cloud [6]. The Spark Liquid unit enters production in Brighton, Colorado, in 2027 [23].

Crusoe has met Goldman Sachs and Morgan Stanley about an IPO in the near future, according to the Axios report [7][10]. Crusoe has set no date [7][10].