Atreides, Mubadala Capital and Valor lead Crusoe's $3.9 billion Series F at a $30.9 billion valuation. Inside the $140 billion contract book and the AI infrastructure buildout still to fund.
The cleanest line is that a contracted gigawatt breaks at energization. That cuts through a lot of big round coverage. The jump from 1 gigawatt delivered to 6 contracted is not a small footnote. It’s the whole underwriting problem, especially if a meaningful slice of the $140 billion book sits with one customer or depends on tight delivery timing.
If the reported Jane Street deal alone is around $13bn, one counterparty could be close to 10% of the book. That kind of concentration would change how the $30.9bn mark looks.
The cleanest line is that a contracted gigawatt breaks at energization. That cuts through a lot of big round coverage. The jump from 1 gigawatt delivered to 6 contracted is not a small footnote. It’s the whole underwriting problem, especially if a meaningful slice of the $140 billion book sits with one customer or depends on tight delivery timing.
If the reported Jane Street deal alone is around $13bn, one counterparty could be close to 10% of the book. That kind of concentration would change how the $30.9bn mark looks.
Fair point. 10% of book seems manageable.