Data center developer Crusoe has secured a new $3 billion funding round, valuing the company at $30 billion, according to Bloomberg. This latest round is being co-led by investment firms Atreides Management and Valor Equity Partners, with additional participation from Mubadala Capital, a subsidiary of the United Arab Emirates’ sovereign wealth fund, Mubadala. The funding follows a $1.38 billion round raised by Crusoe in October 2023, which valued the company at $10 billion. Crusoe recently signed a significant $13 billion, five-year contract with Jane Street, a well-known quantitative trading firm, to supply GPUs and AI infrastructure. This deal highlights Crusoe’s growing role in providing high-performance computing resources to support artificial intelligence and data-intensive operations. The company has shifted from its original focus on cryptocurrency mining, which was powered by natural gas flaring, to becoming a major player in AI infrastructure and cloud services. Founded in 2018, Crusoe initially used excess natural gas from oil production to power its crypto mining operations. However, the company has since evolved into a provider of large-scale data center infrastructure, serving major tech firms like Oracle and OpenAI. Its expansion into hyperscale data centers has positioned it as a key supplier of computing power for AI development and cloud services. In addition to its recent funding and contract wins, Crusoe has been exploring the possibility of going public. According to Axios, the company met with investment bankers such as Goldman Sachs and Morgan Stanley to discuss a potential initial public offering (IPO) in the near future. This move could further solidify Crusoe’s position in the rapidly growing AI and cloud computing markets.