Crusoe

A rumoured number about an AI-cloud company became a real one, within a billion

19 September 2026 · 5 min

Crusoe raised $3.9 billion at a $30.9 billion valuation, almost exactly matching what anonymous sources had told a financial outlet two weeks earlier.

A research firm's test of 77 AI clouds puts Nebius beside CoreWeave at the top, and moves Microsoft Azure to Silver

23 September 2026 · L3 Iron and cloud · 77 providers tested; 19 earned a Medallion rating; 15 in a new lower tier · Confirmed

SemiAnalysis, a research firm, has published the third edition of its ClusterMAX ratings of companies that rent out AI computing, covering 77 providers. It puts Nebius alongside CoreWeave in its top tier, Platinum, and adds Google Cloud to Gold beside Oracle. Microsoft Azure moves to Silver and Crusoe drops to Bronze. SemiAnalysis says it raised its bar this round, so only 19 providers earned what it calls a Medallion rating, and it created a new Participation Ribbon tier below Bronze for 15 providers it says "do the bare minimum to get by." The ratings are the firm's own judgement, built from its tests of reliability, performance, support, pricing and security, and from interviews with more than 200 users.

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CoreWeave · Nebius · Microsoft Azure · Crusoe

Thinking Machines Lab signs a $65 million-a-year deal to run its open models on Crusoe's cloud

23 September 2026 · L3 Iron and cloud · $65m a year; Crusoe's inference business past $100m contracted ARR · Confirmed

Crusoe, a GPU cloud company, and Thinking Machines Lab announced on 23 September a $65 million annual agreement for Crusoe to run the lab's open models, including its Inkling models, for its production workloads. The work runs on a dedicated deployment of Nvidia HGX B200 systems that Crusoe operates and supports. This is inference, the computing that happens every time someone uses an AI model, as opposed to training it. Crusoe says the deal takes its managed inference business past $100 million of contracted annual recurring revenue less than a year after launch.

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Crusoe

Crusoe raises $3.9 billion at a $30.9 billion valuation to build AI data centres

17 September 2026 · L3 Iron and cloud · $3.9bn initial closing at $30.9bn post-money; over $140bn contracted value · Confirmed

Crusoe, which builds and runs data centres purpose-built for AI computing, said on 17 September that it has closed the first part of a 3.9 billion dollar Series F at a 30.9 billion dollar post-money valuation. The round was co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures and TPG also named, and Crusoe calls it an oversubscribed initial closing of a round not yet complete. The company's own release also claims over 140 billion dollars of total contracted value across its platform, a figure it does not break down. That lands in the same week as Nscale's filing, which shows what such a number can hide: Nscale's comparable figure is 103.4 billion, of which 2.6 billion is live. Crusoe publishes no equivalent split. The confirmed valuation also lands within a billion of a 30 billion figure anonymous sources gave a financial outlet two weeks earlier.

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Read the story: A rumoured number about an AI-cloud company became a real one, within a billion · Crusoe

Crusoe opens a second Tulsa factory making the electrical gear AI data centres run on

14 September 2026 · L1 Power and land · 400,000 sq ft added, 1M sq ft total · Confirmed

Crusoe, a company that builds AI computing facilities, opened a second factory in Tulsa, Oklahoma that makes electrical equipment such as switchboards, adding 400,000 square feet and bringing its national manufacturing footprint to roughly 1 million square feet. This grows Crusoe's own capacity to build components for data centres; it is not new electricity or computing capacity coming online. The company says it has hired more than 300 local craft workers across its two Tulsa sites, and that its factories have supplied more than 2,500 switchboards to its Stargate Project site in Abilene, Texas. For an ordinary person the concrete change is local: manufacturing jobs in Tulsa, not a change to anyone's electricity bill.

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Crusoe

A trading firm, not an AI lab, is reported to sign a five-year cloud contract

3 September 2026 · L3 Iron and cloud · $13B · Reported

A firm that trades shares for a living, not an AI company, is reported to have signed a $13 billion deal for computing power. The buyers of very large amounts of AI computing are no longer only AI companies.

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Crusoe