Sources: Crusoe is in IPO talks with at least four Wall Street banks, including JPMorgan, which is advising on its $3B pre-IPO fundraise set to value it at $35B
THE SO WHAT
A $35B pre‑IPO valuation on a data‑center‑plus‑power play like Crusoe is a bet that energy‑integrated compute is a durable profit pool, not a sidecar to cloud. If you’re planning AI capacity, you now have to price against specialized infra players who control both megawatts and racks—not just hyperscalers.
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