AI startup raises $500M from Peter Thiel's Founders Fund
Crusoe Energy, an AI infrastructure company, is poised to raise approximately $500 million in equity capital, with backing from billionaire Peter Thiel’s Founders Fund.
This funding will elevate the startup's valuation to $3 billion and is aimed at strengthening its AI infrastructure capabilities.
The announcement follows Crusoe's recent joint venture worth $3.4 billion to develop data center capacity at the Lancium Clean Campus in Abilene, Texas.
CEO Chase Lochmiller remarked that the investment reflects Crusoe's ability to meet the increasing demand for sustainable AI compute resources.
The company has seen its valuation double in just two years, indicating strong investor confidence in its business model.
Founders Fund, which has previously supported OpenAI, has been involved with Crusoe since its seed funding round in 2019.
While Crusoe executives did not comment on the latest capital raise, this investment is part of a broader trend of significant funding for AI startups following the rise of ChatGPT in late 2022.
Other notable AI firms have also attracted substantial capital, including OpenAI with $6.6 billion and Coreweave, which raised $12 billion over the past 18 months.
A PitchBook report highlighted that 40% of the $93 billion invested in venture capital during the first half of 2024 was directed toward AI companies.
Crusoe has transitioned from cryptocurrency mining to building data centers and has acquired numerous AI chips for its operations.
The company previously raised $200 million to purchase 20,000 Nvidia H100 GPUs to support its cloud computing services.
As part of its strategy, Crusoe aims to leverage clean energy sources for its data centers and has plans for renewable energy projects to support its operations.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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