Crusoe Energy Systems, the company that once powered Bitcoin mining rigs with wasted natural gas, is now in discussions to raise $3 billion in a pre-IPO funding round that could push its valuation to somewhere between $30 billion and $40 billion. That would represent roughly a tripling from the over $10 billion valuation it achieved during its Series E round in October 2025.
The capital machine keeps humming
Crusoe’s fundraising history reads like a company that figured out how to speedrun Silicon Valley’s capital stack. The company closed a $600 million Series D in December 2024 at a $2.8 billion valuation. Less than a year later, it pulled in $1.375 billion in Series E funding at a valuation exceeding $10 billion. Now the pre-IPO round discussions, which reportedly began around March 2026, target another $3 billion. Total equity raised by the company already exceeds $2.6 billion, with backers including NVIDIA and Fidelity.
From flared gas to 4.9 gigawatts of AI capacity
The company started by deploying mobile data centers to oil fields, using natural gas that would otherwise be burned off into the atmosphere to power Bitcoin mining operations. Crusoe subsequently divested its legacy Bitcoin mining assets to NYDIG in March 2025, allowing it to concentrate fully on developing and scaling AI data centers.
