⚡Funding Brief⚡ Crusoe announced the initial closing of an anticipated $3.9 billion Series F at a $30.9 billion post-money valuation on September 17. ‘Initial closing’ means this announcement does not necessarily represent the final close of the full anticipated round. The oversubscribed financing was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners. Crusoe also named Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, and TPG among the significant new and existing backers. Crusoe said the capital will scale existing programs and support its AI factories, spanning large vertically integrated campuses and modular Crusoe Spark units. The company also plans to use the proceeds to expand Crusoe Cloud, its AI cloud platform. The company reported more than $140 billion in total contracted value, over 6 gigawatts of contracted capacity, and 1 gigawatt already operational. The financing therefore targets expansion across power, data-center infrastructure, and cloud services rather than a single facility. Source: Crusoe / Reuters, 2026-09-17

⚡Funding Brief⚡ Crusoe has reportedly raised more than $3 billion at a post-money valuation of roughly $30 billion, according to Bloomberg. Atreides Management and Valor Equity Partners co-led the round, with participation from Mubadala Capital. Sources describe the round as finalised, though Crusoe has not made an official announcement. That mark comes just ten months after the last one. In October 2025, Crusoe closed a $1.375 billion Series E at a valuation above $10 billion. Ten months later, roughly three times that. What drove it was a contract, not a pitch deck. Crusoe recently signed a reported five-year, $13 billion cloud agreement to supply quantitative trading firm Jane Street with GPUs and AI infrastructure. That is a commercial deal on the sell side, not financing — but a long-dated contract of that size is what made investors comfortable underwriting at $30 billion. Crusoe started in 2018 by capturing natural gas that oil fields would otherwise have flared, and using it to power bitcoin mining. In March 2025 it sold that entire mining and flare-mitigation business to NYDIG. Today it is purely an AI infrastructure company — sourcing its own power, building its own data centres, running its own cloud — with customers including OpenAI, Microsoft and Meta. As models scale, the scarce resource is no longer the algorithm. It is power, land and compute. Whoever controls that physical layer controls the foundation of the AI economy. Source: Bloomberg / TechCrunch, 2026-09-03

Suspect we will start to hear about a “Pareto optimal” balance of computationally efficient humans, cheaper open-source tokens and frontier tokens. Our internal AI spend @Atreidesmgmt will be roughly 100x higher in August 2026 vs. March 2026. Still roughly doubling every month. Note that is before Grok Bot moves to consumption pricing which will likely create a step function when it happens (at least for me). AI means that scale has become more important to investing imo. I think there will be a minimum token spend required to be competitive in most knowledge based industries. The “compute inequality” referenced by Sholto in our discussion.

Today's Key Events (All EST) — 08/20/2026 08:30: US Initial Jobless Claims 08:30: US Philly Fed Business Index 11:10: Fed's Musalem 13:00: US 30-Year TIPS Auction Before Open 👇 04:00: $FUTU Holdings 04:00: ATRenew $RERE 04:30: NetEase $NTES 05:30: Alibaba $BABA 05:30: Autohome $ATHM 06:00: $ATAT 06:20: Deere & Company $DE 06:30: Advance Auto Parts $AAP 07:00: Walmart $WMT 07:00: Daqo New Energy $DQ 07:00: LSI Industries $LYTS 07:30: Evaxion A/S $EVAX 08:30: ScanSource $SCSC After Hours 👇 16:00: Ross Stores $ROST 16:00: OSI Systems $OSIS 16:05: Flowers Foods $FLO 16:05: Flux Power Holdings $FLUX

Details of God of War: Laufey Faye,After her death unexpectedly awakens in a mysterious afterlife called the Everywhen. There, she discovers that the plans she put in place to protect her family are beginning to fall apart. To save Kratos and Atreus, Faye must travel through this dangerous realm, facing powerful gods from different mythologies who are fighting for control.