Crusoe Energy just closed a $1.375B Series E at $10B+ valuation — the largest AI infrastructure round this year.

Crusoe builds "AI factories" — vertically integrated data centers powered by clean energy for AI workloads.

Key metrics:
• $1.375B raised, Series E
• $10B+ valuation (up from ~$3B in 2024)
• 45GW power pipeline (4x growth this year)
• 5x booking growth in Q1-Q3 2025

How they built it:
• Started in 2018 converting waste gas to power Bitcoin mining
• Pivoted to AI infrastructure as demand exploded (2022-2023)
• Built vertical integration: energy → data centers → cloud platform
• Secured massive power partnerships
• Launched 1.2GW campus in just 1 year

Takeaway: Vertical integration beats fragmented approaches when infrastructure demand outpaces supply.

#startups #AI