Crusoe’s Private-Market Price Has Soared 670% in a Year as AI Data Center Bets Take Off

Crusoe Energy Systems’ private-market valuation has exploded over the past year as investors pile into companies building the infrastructure needed to power the artificial intelligence boom.

Forge Global’s price for the Denver-based AI data center and energy infrastructure company reached $224.54 a share as of Aug. 23, up 669.76% over the past year — a gain of $195.37 a share.

The jump puts Crusoe among the more dramatic private-market gainers as investors increasingly bet on the enormous demand for computing capacity needed by AI companies.

Crusoe’s current Forge Price is more than 2.6 times the $84.01 per-share price from its October 2025 Series E financing, which valued the company at about $10 billion. The company raised $1.375 billion in that round from a group of investors including Founders Fund, 1789 Capital, Altimeter Capital, Fidelity, Mubadala Capital, Nvidia and others.

Crusoe initially focused on converting otherwise wasted natural gas into electricity for computing, running modular data centers that reduced flaring. It sold that business — including its Bitcoin mining operation and more than 270 MW of generation capacity — to NYDIG in March 2025 to concentrate on AI data centers and cloud infrastructure.

The private-market pricing also comes as Crusoe has emerged as a potential public-market candidate. 

In March, Axios reported that Crusoe was seeking a pre-IPO funding round at a valuation between $30 billion and $40 billion. In July, it was reported that the company was in talks to raise about $3 billion at a valuation of roughly $30 billion, although the terms had not been finalized. This marks a significant jump from the $10 billion valuation established by its 2025 financing.

Crusoe is benefiting from a broader shift in how investors view the AI infrastructure market. Rather than simply betting on AI software companies, investors are increasingly pouring capital into the data centers, power generation and computing infrastructure required to support increasingly energy-intensive AI workloads. 

A March report from global management and strategy consulting firm McKinsey & Company revealed that global spending on data centers could reach $7 trillion by 2030.

Crusoe’s growth has also been fueled by demand from some of the world’s largest technology companies. In March, Crusoe announced a 900-megawatt campus in Abilene, Texas, to support Microsoft AI workloads, bringing the site’s total projected capacity to about 2.1 gigawatts.

Investors are paying up in the secondary market on a bet that the scarce input in AI is electricity rather than chips — favoring the companies that can lock up power and get it interconnected.

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