Crusoe raises $3 billion at a $30 billion valuation
The AI buildout's capital markets didn't slow down after hours on Thursday: an AI data center operator quietly tripled its valuation, a smart ring maker filed to go public with real profits, and an autonomous trucking company took a third swing at a listing.
Crusoe has closed a funding round of more than $3 billion at a post-money valuation of roughly $30 billion. Atreides Management and Valor Equity Partners co-led the round, with Mubadala Capital — the alternative asset manager owned by Abu Dhabi's Mubadala sovereign wealth fund — also participating, according to Bloomberg, which reported the round has been finalized. Crusoe has not announced it publicly; the people who described it asked not to be identified because the terms aren't public yet, so treat the number as reported rather than confirmed.
The valuation is roughly triple what Crusoe carried into its last raise, which put it around $10 billion. The company started out putting modular data centers on oil and gas sites to burn flared gas for Bitcoin mining, sold that business to NYDIG, and spent the last two years rebuilding itself as an AI infrastructure supplier with Meta, Microsoft and Google as customers. We covered the demand side of that pivot earlier today — Jane Street commits $13 billion to Crusoe for GPUs — and this is the equity market catching up to the contracts. The tell is Mubadala: sovereign money doesn't buy a pre-IPO stake in a company it thinks is a venture bet. It buys the thing it believes is now infrastructure.
Oura filed for a US initial public offering on Thursday, and the paperwork shows a wearables company that worked out how to make money. Revenue jumped 74% to $1.21 billion in the nine months ended June 30, and net income came in at $60.8 million, up from $1.6 million in the same period a year earlier, Reuters reported. The Finnish company will list on Nasdaq under the ticker OURA, with Goldman Sachs, Morgan Stanley, JPMorgan, Allen & Co and BofA Securities among the underwriters.
The filing is where the AI pitch lives. Oura says it has amassed nearly 42 billion hours of physiological data across more than 50 health and wellness metrics, and that this dataset powers the machine-learning models that decode patterns and get more accurate as member histories deepen. The subscription math backs it up: around 5 million paid members, 3.6 million rings sold in the past year, and roughly 85% weighted-average 12-month retention on a $350-to-$400 piece of hardware. That is the argument to public investors — this isn't a gadget company, it's a recurring-revenue health data business with a sensor attached. One thing the filing doesn't settle: Oura faces a proposed class action accusing it of misleading consumers about sleep-tracking accuracy, and has said it will defend against the claims.
PlusAI is taking a third run at going public, this time through a SPAC merger with Texas Ventures Acquisition III at an $800 million pre-money equity value. Two earlier attempts — a 2021 deal with Hennessy Capital and a 2025 deal with Churchill Capital Corp IX — both fell apart, the second one terminated in April. The new transaction could deliver about $300 million: roughly $236 million sitting in the SPAC's trust account, which redemptions could cut into, plus more than $60 million of committed financing, mostly five-year senior guaranteed convertible notes carrying warrants exercisable at $12. PlusAI says that funding carries it through 2027.
The interesting part is where the revenue comes from today. It isn't trucks — it's HyperFoundry, the development and validation platform PlusAI built to create its own autonomous stack, which other robotics and autonomy companies can now license. That business has booked $25 million this year, and the company is targeting $40 million to $50 million in contracted revenue for 2026. Its Level 4 SuperDrive system is hauling freight on Texas routes with Ryder and International Motors, with factory-built trucks from TRATON, Hyundai and Iveco targeted for 2027. Selling the tools you built to build the product is a legitimate business, but at $800 million it's also an admission of where the near-term value actually sits.
What to watch: Crusoe closing at $30 billion while reportedly talking to banks about an IPO around $35 billion — that gap is the entire question of whether AI infrastructure valuations have another leg or are being pre-positioned for a public exit.
Is a wearables company with 42 billion hours of your biometric data more useful to you or to its underwriters? Tell us in the comments.
