Crusoe in talks to raise $3 billion, tripling its valuation to around $30 billion

Crusoe started as a crypto miner and pivoted hard into AI data centers, and a tripled valuation in under a year says investors are betting that raw power access, not just chips, is the scarce resource in this cycle. With 4.9 gigawatts already contracted to Meta and Oracle, Crusoe is positioning itself as critical plumbing rather than a model company. A deal this size also tests how much private capital is willing to underwrite before energy constraints, not funding, become the real bottleneck.