Crusoe Energy just raised $1.38B Series E at $10B+ valuation — the largest AI infrastructure round this week.

What it is: AI data centers powered by wasted natural gas from oil flares, reducing emissions by 63% while cutting compute costs.

• $1.38B raised, led by Valor Equity Partners & Mubadala Capital
• $10B+ valuation (5.6x from 2022's $1.8B)
• $500M revenue in 2023, up from $30M in 2022
• 100K GPU capacity planned across new data centers
• Major clients: Microsoft, OpenAI, Oracle

How founders built it:
• Identified wasted flare gas problem during oil field trip (2018)
• Built proof-of-concept mobile Bitcoin mining centers
• Secured $200M loan to buy NVIDIA H100 GPUs (2023)
• Pivoted from Bitcoin to AI/ML workloads
• Landed $3.4B joint venture with Blue Owl Capital
• Expanded internationally to Iceland, Argentina

Takeaway: Solving environmental waste can create billion-dollar infrastructure plays.

Source: Crunchbase, Contrary Research

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