Robinhood Invests $25 Million in Crusoe as AI Infrastructure Valuation Hits $30.9 Billion

Key Points

• Robinhood Ventures Fund I invested approximately $25 million in Crusoe, buying preferred stock in the AI infrastructure company.
• Crusoe’s Series F has an anticipated size of $3.9 billion and values the company at $30.9 billion post-money.
• Crusoe began by using stranded natural gas to power Bitcoin mining but divested its mining business to NYDIG in 2025 to concentrate on AI infrastructure.

Robinhood Ventures Fund I has invested approximately $25 million in Crusoe, extending its private-market portfolio into the infrastructure powering artificial intelligence. The transaction closed on August 31 and forms part of Crusoe’s initial $3.9 billion Series F financing, which values the company at $30.9 billion post-money. The investment also highlights Crusoe’s transformation from a business known for powering Bitcoin mining with stranded natural gas into a vertically integrated provider of AI data centers, energy infrastructure and cloud computing.

Robinhood Buys Into $30.9B Crusoe

Robinhood Ventures Fund I purchased roughly $25 million of preferred Crusoe stock, according to Robinhood’s September 17 announcement. The investment was included in Crusoe’s $3.9 billion Series F, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners.

Other investors include NVIDIA, Founders Fund, GIC, Qatar Investment Authority, TPG, Fidelity, Salesforce Ventures, ARK Invest and Polychain Capital. The new $30.9 billion valuation represents a substantial increase from Crusoe’s previous financing. Its October 2025 Series E valued the company at more than $10 billion. Robinhood’s investment was made through RVI rather than Robinhood Markets directly. RVI is a publicly traded closed-end fund designed to give retail investors exposure to private businesses. Its portfolio also includes OpenAI, SpaceX, Stripe, Databricks, Canva and Revolut.

Crusoe Moves From Bitcoin to AI

Crusoe was founded in 2018 with an energy-first computing strategy. Its early business captured natural gas that would otherwise be flared at oil fields and converted it into electricity for modular data centers. Bitcoin mining became an early use for that computing infrastructure.

By March 2025, Crusoe said it had deployed more than 425 modular data centers representing over 250 megawatts across seven U.S. states and Argentina.

The company then agreed to sell its Bitcoin mining operation, including its Digital Flare Mitigation business, to NYDIG. Crusoe now lists the business as divested and says it is focused exclusively on AI infrastructure.

The connection between its Bitcoin origins and AI strategy remains energy. Both industries require access to large quantities of reliable electricity and high-performance computing infrastructure.

AI Expansion Reaches 6GW

Crusoe’s latest figures show how quickly that strategy has expanded. The company reports more than $140 billion in total contracted value across its platform and over 6 gigawatts of gross contracted capacity, including approximately 1GW already delivered and operational.

Its Series F capital will support further development of AI data centers, energy infrastructure and Crusoe Cloud. That expansion follows several major projects, including a 1.2GW AI data-center campus in Abilene, Texas, backed through a $15 billion joint venture involving Crusoe, Blue Owl Capital and Primary Digital Infrastructure.

Conclusion

Robinhood Ventures Fund I’s $25 million Crusoe investment gives its shareholders exposure to a company positioned at the intersection of energy, data centers and artificial intelligence. Crusoe’s development also illustrates how the economics of high-performance computing have changed. The company started by using stranded energy for Bitcoin mining, but it ultimately divested that business as demand for AI infrastructure expanded.

With a $30.9 billion valuation, more than $140 billion in contracted value and over 6GW of contracted capacity, Crusoe is now making a much larger bet on AI computing. The key question is whether its rapidly expanding contracted pipeline converts into operational capacity and sustained revenue as those projects are delivered.