Data center developer Crusoe is in IPO discussions with at least four Wall Street banks, including JPMorgan, as it raises $3B in pre-IPO funding.
Crusoe, a data center developer and power supplier, is preparing for a public market debut after securing interest from multiple investment banks, according to sources familiar with the matter.
JPMorgan is advising the company on a $3B pre-IPO fundraise that values Crusoe at $35B, marking a significant milestone for the infrastructure-focused startup. The bank is among at least four Wall Street firms engaged in IPO discussions with the company.
The move comes as demand for AI-related infrastructure continues to surge. Data centers that power machine learning operations have become increasingly attractive to investors seeking exposure to the artificial intelligence boom.
Crusoe operates in a competitive but growing market. The company provides data center capacity and power solutions, positioning itself at the intersection of computing infrastructure and energy supply—a strategic advantage as computational demands intensify.
The $35B valuation reflects investor confidence in Crusoe's business model and growth prospects. Companies in the data center and infrastructure space have attracted substantial capital as enterprises scramble to secure computing resources for AI workloads.
An IPO would allow Crusoe to access public markets for expansion capital and potentially increase its ability to build new facilities. The timing aligns with broader momentum in the infrastructure sector, where numerous companies have gone public or announced IPO plans in recent years.
No timeline for the IPO has been announced. The company is currently in preliminary discussions with underwriters, and market conditions and internal milestones will likely influence the final go-public decision.
Former SpaceX engineers are building an automated factory to manufacture steel parts. The venture applies aerospace manufacturing expertise to industrial production.
Sonic Fire Tech secured $15 million in funding to deploy its acoustic fire suppression technology across commercial and residential spaces. The system uses sound waves to extinguish fires before they escalate.
Higgsfield, an AI image and video generation platform founded by former Snap executive Alex Mashrabov, raised $400 million in Series B funding, quadrupling its valuation to $5.4 billion in just eight months.
Robotera, a Chinese robotics startup backed by HSG and CDH Investments, is considering a Hong Kong IPO as the robotics sector sees increased public market activity.