Crusoe announced Thursday that it secured $3.9 billion in a Series F financing round, elevating its valuation to $30.9 billion. The funding round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with additional participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG.

The company also revealed three new board members: Cloudflare CFO Thomas Seifert, Bill Stein, partner and CIO at Primary Digital Infrastructure, and JB Straubel, founder and CEO of Redwood Materials and member of Tesla’s board. Straubel had previously invested in Crusoe in 2021 and later became the first customer of Redwood’s energy storage business.

Crusoe plans to use the capital to advance existing data center projects, including a large facility in Abilene, Texas, which supports OpenAI, and to scale its modular AI infrastructure units, referred to as Spark. These units are manufactured at Crusoe’s facilities and transported via truck to connect with power sources in various locations. The modular design aims to reduce reliance on traditional construction and mitigate community opposition to large-scale data center developments.

The company generates revenue through leasing data center space to clients who supply their own GPUs, renting its own GPU capacity, and selling compute power for AI inference tasks. This business model has positioned Crusoe among the most valuable AI infrastructure firms. It recently secured a $13 billion, five-year agreement with quantitative trading firm Jane Street to provide GPU resources and AI infrastructure.

Crusoe explored a potential initial public offering with investment banks including Goldman Sachs and Morgan Stanley, according to reports from Axios. The current funding round follows a $1.38 billion raise in October of the previous year, which valued the company at $10 billion.

Founded in 2018 as a cryptocurrency mining operation powered by captured natural gas, Crusoe shifted focus to AI infrastructure as demand for computational resources grew. Its client base includes Meta, Microsoft, and Oracle.

Marina Temkin, a venture capital and startups reporter at TechCrunch, covers the company’s developments. Prior to TechCrunch, she reported on venture capital for PitchBook and Venture Capital Journal, and began her career as a financial analyst after earning a CFA charter. She can be reached at marina.temkin@techcrunch.com or via encrypted messaging on Signal at +1 347-683-3909.