AI Hardware

AI Startup Backed by Billionaire Peter Thiel's Founders Fund Raises $500 Million

Crusoe Energy is set to secure approximately $500 million in equity capital from investors including billionaire Peter Thiel’s Founders Fund.

By Priya Khosla October 31, 2024

Source: Bitcoin.comNews

Crusoe Energy, a vertically integrated artificial intelligence (AI) infrastructure company, is set to secure approximately $500 million in equity capital from investors including billionaire Peter Thiel’s Founders Fund. The capital, which values the startup at $3 billion, will be used to bolster Crusoe Energy’s AI infrastructure.

According to a report, the startup’s valuation has doubled in two years. The announcement of the capital raise comes just weeks after Crusoe Energy announced a $3.4 billion joint venture to fund purpose-built data center capacity at Lancium Clean Campus in Abilene, Texas.

At the time of the announcement, Crusoe Energy CEO Chase Lochmiller praised the investment from joint venture partners as a reflection of the startup’s proven ability to meet growing demand for AI compute, powered sustainably. According to a Financial Times report, Founders Fund, which also backed OpenAI, has participated in Crusoe Energy’s capital-raising efforts since the seed round in 2019.

Read the full article here.