Applied Digital targets $30 billion valuation after quiet exit from Bitcoin mining; positions as Meta AI infrastructure supplier.

Crusoe Energy, the data center operator that supplies AI computing power to Meta Platforms Inc., Oracle, and other major technology companies, is reportedly in negotiations to raise $3 billion in new funding.

According to people familiar with the matter, the company's valuation is expected to reach $30 billion following this funding round—three times the $10 billion valuation disclosed last October. Negotiations are reportedly still underway, and the final valuation has not yet been confirmed.

Crusoe was founded in 2018 with the original mission of installing modular data centers directly on oil and gas fields, harnessing flared natural gas that would otherwise be vented to power Bitcoin mining. Last year, the company sold its Bitcoin mining business to NYDIG and applied its energy and infrastructure expertise toward building large-scale data centers for artificial intelligence, capitalizing on surging global demand for AI computing power.

The new funds are intended to expand Crusoe's computing power infrastructure. The company currently holds nearly 5 gigawatts of computing power tied to active execution contracts and has over 40 gigawatts in its full project pipeline—sufficient capacity to support the electricity consumption of approximately 30 million U.S. households. Crusoe's previous funding round was co-led by Valor Equity Partners and Mubadala Capital.

Recent deals demonstrate strong customer momentum. Meta has signed an agreement to purchase capacity from Crusoe at data centers in Childress, Texas, and Warrenton, Missouri. The company also maintains deals with Microsoft and Google.

In June, Crusoe paused plans to build a data center in Wyoming after Google raised concerns about costs and timeline. The project was shelved after failing to secure sufficient customers, according to Bloomberg.