Crusoe raises $3.9B Series F at a $30.9B valuation; a week later it drops its $1.25B Boom Supersonic turbine order
On Sept 17, 2026 Crusoe, the Denver AI data-center builder behind OpenAI's Abilene, Texas site, raised a $3.9B Series F at a $30.9B post-money valuation, about 3x its October 2025 price. It also showed "Spark" modular AI factories that can be delivered by truck. On Sept 25 Crusoe cancelled its $1.25B launch order for 29 of Boom Supersonic's 42 MW "Superpower" gas turbines. Boom had planned to use that deal to fund its Overture airliner.
Key facts
- Series F: $3.9B at $30.9B post-money; co-leads Atreides Management, Mubadala Capital, Valor Equity Partners; with Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, TPG (TechCrunch)
- Previous round: $1.38B at $10B (Oct 2025). New board members: Thomas Seifert (Cloudflare CFO), Bill Stein, JB Straubel (TechCrunch)
- Customers named: Meta, Microsoft, Oracle, OpenAI (Abilene); a reported ~$13B five-year deal with Jane Street; exploring an IPO with Goldman Sachs and Morgan Stanley (TechCrunch)
- Sept 25: the Boom deal is off: 29 Superpower turbines (42 MW each, ~1.2 GW in total), $1.25B, first deliveries planned for 2027. Boom CEO Blake Scholl announced it on X (TechCrunch)
- Crusoe spokesperson Andrew Schmitt: its energy plans 'haven't changed', it still plans to use turbines, 'just not Boom's', alongside wind, solar, batteries and the grid (TechCrunch)
- Scholl: Boom will deliver about 250 MW of Superpowers next year to other sites and targets 1 GW in 2028 (TechCrunch)
What happened
Crusoe started out mining crypto with stranded gas and now builds and runs AI campuses. It closed a $3.9B Series F led by Atreides, Mubadala Capital and Valor, at a valuation about three times its 2025 round. Eight days later, Boom Supersonic CEO Blake Scholl said Crusoe had cancelled its order as launch customer for Boom's aeroderivative "Superpower" turbines. Crusoe said it would keep using turbines from other suppliers.
Why it matters
Power is the binding constraint on the AI build-out. On-site gas turbines became a stopgap for data centers waiting for grid connections, and companies from other industries (here, a supersonic-jet startup) entered the market to sell them. Losing its launch customer weakens one of those new suppliers.
Changelog
- 2026-10-01: created from leads (Crusoe–Boom cancellation; the Series F was not yet covered)
Sources (3)
- pressTechCrunch: Crusoe raises $3.9B to build massive data centers and small modular 'AI factories'
- pressTechCrunch: Crusoe abandons $1.25B plan to use Boom turbines at AI data centers
- pressTechCrunch: Crusoe reportedly raises $3B at a $30B valuation (Sept 3)
id: 2026-09-17-crusoe-3-9b-series-f · updated 2026-10-01 · open in the interactive timeline