Crusoe announced a $3.9 billion Series F round on Thursday, raising its valuation to $30.9 billion. The round was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Founders Fund, GIC, Nvidia, Qatar Investment Authority, Radical Ventures, and TPG. The company also added three board members: Cloudflare CFO Thomas Seifert, Bill Stein of Primary Digital Infrastructure, and Redwood Materials founder and CEO JB Straubel, who sits on Tesla’s board. Straubel invested personally in Crusoe in 2021, and Crusoe later became the first customer of Redwood’s energy storage business.

The fresh capital will finance existing data center projects, including a large site in Abilene, Texas, used by OpenAI, and smaller modular “AI factories” that can be trucked to large power sources almost anywhere. Crusoe builds these modular data centers, called Spark, at its own facilities, so compute capacity can be deployed quickly without large construction workforces. The smaller footprint could also help avoid some local opposition to massive data center complexes.

Crusoe makes money in three ways: leasing data center space to customers bringing their own GPUs, renting out its own GPUs, and selling compute power for AI inference. That model has made it one of the most valuable AI infrastructure companies. It recently signed a $13 billion, five-year cloud contract to supply Jane Street with GPUs and AI infrastructure, and has met with Goldman Sachs and Morgan Stanley about a possible IPO. The Series F comes ten months after a $1.38 billion raise at a $10 billion valuation.

Crusoe was founded in 2018 as a crypto mining operation powered by flared natural gas and later pivoted to AI infrastructure. Its customers include Meta, Microsoft, and Oracle. The co-founder and CEO said in a statement that AI will bring an era of abundance, but getting there means “controlling the infrastructure from electrons to tokens.”