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- Crusoe Energy Systems
Crusoe Energy Systems Revenue, Valuation, Funding & Investors
Crusoe Energy Systems is valued at $30B as of September 2026.
Last Crusoe Energy Systems valuation
$30B
Series F · Sep 2026
Last Crusoe Energy Systems funding round
$3B
Series F · Sep 2026
Crusoe Energy Systems revenue
$276M
Series E · Oct 2025
Key investors in Crusoe Energy Systems
Valor Equity Partners
Founders Fund
Bain Capital Ventures
Winklevoss Capital
Mubadala Capital
Bossa Invest
About Crusoe Energy Systems
Crusoe Energy Systems is a Denver-headquartered AI infrastructure provider that designs and operates data centers powered by renewable and waste energy sources. The company converts flared natural gas, wind, solar, and geothermal into electricity for GPU clusters. Crusoe Cloud delivers Infrastructure as a Service with NVIDIA H100 and other GPUs for AI workloads. Founded in 2018, it maintains facilities in Texas, North Dakota, and Wyoming.
Founded
2018
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Subscription
Revenue
$276M (Oct 2025)
Valuation
$30B (Sep 2026)
Crusoe Energy Systems Valuation
Crusoe Energy Systems is currently valued at $30B, based on its Series F in September 2026.
The $3B round was led by Atreides Management and Valor Equity Partners, with participation from Mubadala Capital.
Crusoe Energy Systems' valuation has grown 17x from $1.8B at its Series C in April 2022 to $30B in September 2026, across 4 priced rounds.
Crusoe Energy Systems valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Sep 2026 | Series F | $30B | - |
| Oct 2025 | Series E | $10B | 36.2x |
| Oct 2024 | Series D | $2.8B | 10.1x |
| Apr 2022 | Series C | $1.8B | 6.3x |
Crusoe Energy Systems Revenue
Crusoe Energy Systems' latest recorded revenue is $276M, as of its Series E in October 2025. At a $10B valuation, that implies a 36.2x revenue multiple.
Revenue moved from $276M in April 2022 to $276M in October 2025, while the revenue multiple moved from 6.3x to 36.2x.
Crusoe Energy Systems revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Oct 2025 | $276M | $10B | 36.2x | Series E |
| Oct 2024 | $276M | $2.8B | 10.1x | Series D |
| Apr 2022 | $276M | $1.8B | 6.3x | Series C |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Crusoe Energy Systems Funding History
Crusoe Energy Systems has raised a total of $5.5B across 7 funding rounds, plus 1 secondary share sale.
Crusoe Energy Systems' first fundraising round was a $5M seed round in May 2019. The most recent completed round was a $3B Series F in September 2026.
Crusoe Energy Systems funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2026 | Series F | Atreides Management (lead); Valor Equity Partners (lead); Mubadala Capital | $3B | $30B | Crusoe raised approximately $3 billion in a September 2026 financing round at a roughly $30 billion post-money valuation, with Atreides Management and Valor Equity Partners co-leading the round and Mubadala Capital participating. The round was described as Crusoe’s largest single raise to date and followed its October 2025 Series E, which valued the company above $10 billion. The new capital supports Crusoe’s expansion as an AI data center builder and compute provider for major customers including Meta, Microsoft, and Oracle. The financing reflects continued investor demand for AI infrastructure assets and follows rapid valuation growth over the prior year. Crusoe operates data center infrastructure for AI workloads and has built a business around supplying compute capacity to large technology customers. The company had previously closed a $1.38 billion Series E in October 2025, marking a substantial step up in scale before this latest round. |
| Dec 2025 | Secondary | Seven Rivers Capital LTD | - | - | - |
| Oct 2025 | Series E | Mubadala Capital (lead); Valor Equity Partners (lead) | $1.4B | $10B | Crusoe Energy Systems is an AI infrastructure company that builds data centers powered by wasted energy from oil fields and renewable sources like wind and solar. The company operates major data center complexes, including a 1.2 gigawatt campus in Abilene, Texas serving OpenAI and Oracle, and is developing over 45 gigawatts in its power pipeline across multiple gigawatt-scale projects. In October 2025, Crusoe closed a $1.375 billion Series E round co-led by Valor Equity Partners and Mubadala Capital (Abu Dhabi sovereign wealth fund), with participation from 25+ investors including NVIDIA, Fidelity, Salesforce Ventures, T. Rowe Price, Tiger Global, and others, reaching a valuation exceeding $10 billion. The company achieved record growth milestones in 2025, including a 4x expansion of its power pipeline and 5x growth in bookings across Crusoe Cloud in the first three quarters of the year. |
| Oct 2024 | Series D | Founders Fund (lead); NVIDIA; Fidelity; Long Journey Ventures; Felicis; Ribbit Capital; Valor Equity Partners; Mubadala | $600M | $2.8B | Crusoe Energy Systems is a vertically integrated AI infrastructure provider that develops clean energy-powered data centers optimized for AI workloads, founded in 2018 and headquartered in Denver and San Francisco. The company focuses on harnessing abundant low-cost energy sources like natural gas, building gigawatt-scale campuses, and offering a high-performance AI cloud platform, with major contracts from customers including OpenAI and Oracle. It recently announced projects such as a 1.2 GW data center in Abilene, Texas, and over 15 GW in development as of December 2024. On December 12, 2024, Crusoe closed a $600 million Series D funding round led by Founders Fund, with participation from NVIDIA, Fidelity, Long Journey Ventures, Mubadala, Ribbit Capital, and Valor Equity Partners, achieving a post-money valuation of $2.8 billion. This late-stage round aims to accelerate deployment of physical infrastructure for AI, including expansion of data centers and Crusoe Cloud. Prior rumors in October 2024 mentioned a $500 million raise at $3 billion valuation, but the official announcement confirmed the $600 million at $2.8 billion. The funding supports Crusoe's growth amid surging AI demand, positioning it against competitors like CoreWeave. By early 2025, Crusoe was in talks for a $1 billion raise targeting $10 billion valuation, leading to a $1.375 billion Series E closing on October 24, 2025, co-led by Valor Equity Partners and Mubadala, with broad investor participation including prior backers. This expanded its power pipeline to over 45 GW and included divestment of its Bitcoin mining business to focus exclusively on AI infrastructure, with new campuses like 1.8 GW in Wyoming. |
| Apr 2022 | Series C | G2 Venture Partners (lead) | $350M | $1.8B | Crusoe Energy Systems closed a $350 million Series C equity financing round on April 21, 2022, led by climate technology venture capital firm G2 Venture Partners, with a post-money valuation of $1.75 billion. The round also included $155 million in corporate credit capacity, bringing total new capital to $505 million. G2 Venture Partners joined Crusoe's Board of Directors alongside existing board members from Valor Equity Partners, Bain Capital Ventures, KCK Group, and co-founders Chase Lochmiller (CEO) and Cully Cavness. Founded in 2018 and headquartered in Denver, Colorado, Crusoe Energy Systems developed technology to convert stranded natural gas from flaring into computing resources, eliminating methane emissions while providing power for modular data centers. The capital was intended to enable Crusoe to expand and diversify its energy sources, computing workloads, and vertical integration, including deployment of Digital Flare Mitigation at greater scale and acceleration of renewable energy deployment. By 2022, the company had established itself as a leader in flare mitigation and modular data center technologies before its pivot toward AI infrastructure in subsequent years, with the valuation representing significant growth from its Series B round of $128 million in 2021 and Series A of $30 million in 2019. |
| Apr 2021 | Series B | Valor Equity Partners (lead) | $128M | - | Crusoe Energy Systems raised $128M in its Series B round in April 2021, led by Valor Equity Partners. The funding was aimed at expanding its Patented Digital Flare Mitigation® Technology to eliminate routine flaring of natural gas. The company, founded in 2018 by Cully Cavness and Chase Lochmiller and headquartered in Denver, Colorado, provides AI cloud infrastructure and energy solutions that utilize stranded energy resources sustainably, integrating wind, solar, hydro, geothermal, and carbon capture technologies. Prior to the Series B, Crusoe completed a $4.5M seed round in May 2019 to develop initial technology and a $30M Series A in December 2019 to scale operations. The Series B built on this foundation, focusing on core energy mitigation tech before the company's pivot toward AI-optimized data centers and high-performance computing for AI workloads. Later developments show significant growth, including a $350M Series C in 2022, $600M Series D in 2024 at $2.8B valuation, and $1.375B Series E in October 2025 at over $10B valuation co-led by Mubadala Capital and Valor Equity Partners, with total funding reaching about $3.9B by 2025. |
| Dec 2019 | Undisclosed stage | Bain Capital Ventures (lead); KCK (lead); Winklevoss Capital; Founders Fund; Polychain; Bossa Invest | $30M | - | Crusoe Energy Systems, founded in 2018 by Chase Lochmiller and Cully Cavness, develops technology to mitigate natural gas flaring in oilfields by converting wasted gas into power for energy-intensive computing applications like blockchain, AI, and data centers. In June 2019, the company closed a $30 million equity funding round led by Bain Capital Ventures and The KCK Group, with participation from Founders Fund, Winklevoss Capital, Polychain Capital, and Bossa Invest, alongside $40 million in project financing from Upper 90. This funding supported expansion of digital flare mitigation services, enabling oil and gas operators to transform flared gas into beneficial use, achieving over 99% reductions in emissions like VOCs, NOx, and CO compared to flaring. The round built on an earlier $4.5 million seed in early 2019 led by Bain Capital Ventures and Founders Fund Pathfinder, with Wicklow Capital, Winklevoss Capital, and Dragonfly Capital, bringing total funding to about $5.1 million at that point for accelerating production of mobile modular data centers. Bain Capital Ventures' Stefan Cohen highlighted Crusoe's operational capabilities since their seed investment, positioning it to address flaring in the shale industry while creating cloud computing resources. Crusoe's technology targets North American shale producers facing costly gas transport challenges, offering scalable flare mitigation through on-site power generation for computing. Subsequent rounds included a $128 million Series B led by Valor Equity Partners with many of the same investors like Founders Fund, Bain Capital Ventures, Polychain, KCK Group, and Winklevoss Capital, focusing on expanding patented Digital Flare Mitigation technology. The company later shifted toward AI infrastructure, reaching multi-billion valuations in Series C ($1.75B post-money in 2022), Series D, and a $10B+ Series E in 2024-2025. |
| May 2019 | Seed | Bain Capital Ventures (lead); Dragonfly (lead); Pathfinder (lead); Wicklow Capital; Winklevoss Capital | $5M | - | Crusoe Energy Systems raised $4.5 million in a seed funding round around March-May 2019. The round was led by Bain Capital Ventures and Pathfinder (Founders Fund), with participation from Dragonfly Capital Partners and Winklevoss Capital Management. The funding supported initial technology development and market entry for harnessing stranded natural gas for cryptocurrency mining and computing. |
Who has invested in Crusoe Energy Systems?
20 investors have backed Crusoe Energy Systems across its funding rounds, including Valor Equity Partners, Founders Fund, Bain Capital Ventures, Winklevoss Capital, Mubadala Capital and Bossa Invest.
Lead investors include Atreides Management, Valor Equity Partners, Mubadala Capital, Founders Fund, G2 Venture Partners and 4 other investors.
Crusoe Energy Systems Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Apr 2021 | ||
| 2 | Participant | May 2019 | ||
| 2 | Lead | Dec 2019 | ||
| 2 | Lead | Oct 2025 | ||
| 2 | Lead | May 2019 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Lead | Dec 2019 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Lead | May 2019 | ||
| 1 | Lead | Sep 2026 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Participant | Oct 2024 | ||
| 1 | Lead | May 2019 | ||
This data is available for Pro users. Sign up to see all 20 Crusoe Energy Systems investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Crusoe Energy Systems
Crusoe Energy Systems has acquired 3 companies to date.
Last acquisition by Crusoe Energy Systems was on August 21st 2025. Crusoe Energy Systems acquired Atero for $150M.
Latest Acquisitions by Crusoe Energy Systems
| Description | Atero is a Tel Aviv-based AI infrastructure company optimizing GPU clusters for machine learning workloads. The platform dynamically allocates memory and schedules jobs across NVIDIA H100 and A100 cards reducing idle time. Atero integrates with Kubernetes and Slurm for hyperscalers. Founded in 2023, the firm pilots with cloud providers in Israel and the United States. | - | Easter-Owens Electric manufactures custom electrical systems and modular data centers for mission-critical applications in oil and gas, utilities, and telecommunications sectors. Headquartered in Albertville, Alabama, the third-generation family business supplies integrated power distribution panels and skid-mounted enclosures to clients across North America. |
| HQ Country | |||
| HQ City | Tel Aviv | - | Denver, CO |
| Deal Date | 21 Aug 2025 | 12 Oct 2022 | 22 Jun 2022 |
| Valuation | $150M | undisclosed | undisclosed |
| EV/Revenue | |||
| EV/EBITDA | |||
This data is available for Pro users. Sign up to see all Crusoe Energy Systems acquisitions and their M&A valuation multiples. Start Free Trial | |||
Investments by Crusoe Energy Systems
Crusoe Energy Systems has invested in 1 company to date.
Latest investment by Crusoe Energy Systems was on May 21st 2025. Crusoe Energy Systems invested in Crusoe AI Data Center in their $12B Undisclosed stage round.
Latest Investments by Crusoe Energy Systems
| Description | Crusoe AI Data Center is a joint venture between Crusoe Energy, Blue Owl Capital, and Primary Digital Infrastructure. Located in Abilene, Texas, the facility comprises eight buildings each supporting up to 50,000 NVIDIA GB200 NVL72 units on a unified network. Designed for AI training and inference, it incorporates direct-to-chip liquid cooling with zero-water evaporation in closed loops. The setup advances sustainable high-density computing. | Crusoe AI Data Center is a joint venture between Crusoe Energy, Blue Owl Capital, and Primary Digital Infrastructure. Located in Abilene, Texas, the facility comprises eight buildings each supporting up to 50,000 NVIDIA GB200 NVL72 units on a unified network. Designed for AI training and inference, it incorporates direct-to-chip liquid cooling with zero-water evaporation in closed loops. The setup advances sustainable high-density computing. |
| HQ Country | ||
| HQ City | Denver, CO | Denver, CO |
| Deal Date | 21 May 2025 | 15 Oct 2024 |
| Round | Undisclosed stage | Undisclosed stage |
| Raised | $12B | $3.4B |
| Investors | Blue Owl Capital Inc.; Primary Digital Infrastructure | Blue Owl Capital Inc.; Primary Digital Infrastructure |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
This data is available for Pro users. Sign up to see all Crusoe Energy Systems investments and their VC round multiples. Start Free Trial | ||
Crusoe Energy Systems Competitors
Crusoe Energy Systems competitors include listed companies like Nebius Group and Core Scientific, and private ones like Nscale, SambaNova, Safe Superintelligence and Mistral AI.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | $33M | - | $15B | 442.4x | ||
| Publicly listed | $530M | $512M | $59B | 24.2x | ||
| Private | $100M | - | $11B | - | ||
| Publicly listed | $319M | ($211M) | $5.5B | 13.9x | ||
| Private | - | - | $32B | - | ||
| Private | $400M | - | $24B | - |
Crusoe Energy Systems Public Comps
Crusoe Energy Systems is still privately-owned, but its public comps include Crown Castle, Enflame, Moore Threads, MetaX Integrated Circuits, Supermicro, DCI Indonesia, SJ Semiconductor, China Unicom, NetApp and SBA Communications.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $4.3B | $2.7B | 12.6x | 13.1x | 19.8x | 19.6x | |||
| $148M | ($147M) | 217.0x | - | (218.6x) | - | |||
| $225M | ($127M) | 120.6x | 59.9x | (212.7x) | (915.4x) | |||
| $245M | ($88M) | 127.7x | 66.7x | (355.8x) | (4435.1x) | |||
| $39B | $2.9B | 0.8x | 0.7x | 11.1x | 8.6x | |||
| $143M | $87M | 184.7x | - | 302.7x | - | |||
| $972M | $403M | 37.3x | 31.7x | 90.0x | 68.4x | |||
| $58B | $16B | 0.3x | 0.3x | 1.0x | 1.2x | |||
This data is available for Pro users. Sign up to see all Crusoe Energy Systems competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Crusoe Energy Systems
| When was Crusoe Energy Systems founded? | Crusoe Energy Systems was founded in 2018. |
| Where is Crusoe Energy Systems headquartered? | Crusoe Energy Systems is headquartered in Denver, CO, United States. |
| Is Crusoe Energy Systems publicly listed? | No, Crusoe Energy Systems is a private, VC-backed company. |
| What is Crusoe Energy Systems' valuation? | Crusoe Energy Systems was last valued at $30B in its Series F in September 2026. |
| How much funding has Crusoe Energy Systems raised? | Crusoe Energy Systems has raised $5.5B across 7 funding rounds. |
| What was Crusoe Energy Systems' last funding round? | Crusoe Energy Systems' last funding round was a $3B Series F in September 2026, led by Atreides Management and Valor Equity Partners. |
| Who are Crusoe Energy Systems' investors? | Crusoe Energy Systems' investors include Valor Equity Partners, Winklevoss Capital, Founders Fund, Mubadala Capital, Bain Capital Ventures, NVIDIA, KCK, Fidelity, Dragonfly, Atreides Management and 10 others. |
| What is Crusoe Energy Systems' revenue? | Crusoe Energy Systems' latest recorded revenue is $276M (October 2025). |
| What is Crusoe Energy Systems' revenue multiple? | Crusoe Energy Systems' latest valuation implies a 36.2x revenue multiple ($10B valuation on $276M of revenue). |
| Which companies are comparable to Crusoe Energy Systems? | Companies comparable to Crusoe Energy Systems include Nscale, Nebius Group, SambaNova, Core Scientific, Safe Superintelligence and Mistral AI. |
| How many companies has Crusoe Energy Systems acquired? | Crusoe Energy Systems has acquired 3 companies, including Atero, Great American Mining and Easter-Owens Electric Co. |
| What was the largest acquisition by Crusoe Energy Systems? | The $150M acquisition of Atero in August 2025 is the largest acquisition Crusoe Energy Systems has made to date. |
| How many companies has Crusoe Energy Systems invested in? | Crusoe Energy Systems has invested in 1 company, including Crusoe AI Data Center. |
| What was Crusoe Energy Systems' last investment? | In May 2025, Crusoe Energy Systems invested in Crusoe AI Data Center's $12B undisclosed-stage round alongside Blue Owl Capital Inc. and Primary Digital Infrastructure. |
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