Crusoe AI: Pre-IPO Round at Up to $40B, Access Available at $17.39B on WLTH
Crusoe is raising a pre-IPO round at a $30 billion to $40 billion valuation, with an IPO widely expected in 2026, according to Axios Pro. The company raised $1.375 billion at $10 billion in October 2025, backed by NVIDIA, Founders Fund, Fidelity, and Mubadala Capital, and has since closed major battery storage deals with Form Energy and Redwood Materials. Pre-IPO access to Crusoe shares is available now on WLTH at a $17.39 billion valuation.
Crusoe stock is having a moment that is difficult to ignore. The Denver-based AI infrastructure company is raising a pre-IPO round at a valuation of $30 billion to $40 billion, according to Axios Pro, with an IPO widely expected in 2026. WLTH currently offers access at $17.39 billion. The gap between those two numbers is the entire argument.
This is a company that raised $1.375 billion at $10 billion in October 2025. In five months, the institutional market has priced it at up to four times that figure. The battery deals announced the week of March 24, 2026 explain a significant part of why.
What Is Crusoe and Why Does Crusoe Stock Matter
Crusoe is a vertically integrated AI infrastructure company. It builds and operates the full stack required to run frontier AI workloads at scale: energy sourcing, data centre design and construction, and Crusoe Cloud, its GPU compute platform. Most operators in this space control one or two of those layers. Crusoe controls all three, and the cost and speed advantage that comes from that integration is what has driven its valuation from $10 billion to the $30 to $40 billion range being discussed today.
The business started as a stranded energy play, redirecting excess gas from oil fields to power mobile data centres. That business has been left behind entirely. Crusoe sold its Bitcoin mining operations to NYDIG and repositioned around AI infrastructure. The pivot was clean and the execution since has been unambiguous.
Crusoe Cloud, the commercial engine of the business, offers GPU clusters across NVIDIA and AMD hardware and carries a 99.98% uptime SLA. Cloud bookings grew 5x in the first three quarters of 2025 compared to the prior year. Customers include AI builders who require the kind of performance, reliability, and scale that Crusoe's vertically integrated model enables.
The Series E: Who Backed Crusoe and Why
The October 2025 Series E raised $1.375 billion at a valuation above $10 billion. The round was co-led by Valor Equity Partners and Mubadala Capital and was oversubscribed. Participants included NVIDIA, Founders Fund, Fidelity Management and Research Company, Franklin Templeton, T. Rowe Price, Tiger Global, Altimeter Capital, Ribbit Capital, Spark Capital, Salesforce Ventures, Lowercarbon Capital, StepStone Group, and others.
The composition of that cap table matters. NVIDIA's participation is a strategic signal as much as a financial one. Chip access is one of the defining constraints on AI infrastructure delivery, and NVIDIA's alignment with Crusoe has direct implications for supply. Fidelity, T. Rowe Price, and Franklin Templeton are long-duration institutional holders that typically position ahead of public market events. Mubadala brings sovereign capital with a multi-year investment horizon. Founders Fund and Altimeter have deep pre-IPO infrastructure theses.
This is not a round assembled from growth-stage optimists. It is a capital structure built for a company approaching a public listing.
At the Series E, Crusoe's operational record justified the $10 billion figure. Its power pipeline had grown over 4x to above 45 gigawatts. Cloud bookings had grown 5x year on year. The 1.2 gigawatt data centre campus in Abilene, Texas was live within one year of breaking ground, a pace the industry had not seen at that scale. A 1.8 gigawatt campus in Wyoming was underway. The company had expanded cloud capacity in Norway and Iceland and opened new offices in Dublin, Sunnyvale, and Tel Aviv.
The pre-IPO round now being raised at up to $40 billion is the market's verdict on what has happened since.
The Battery Strategy Behind the Crusoe Rerating
The week of March 24, 2026 produced two energy storage announcements that are central to understanding why Crusoe's implied valuation has moved so sharply upward.
The first is a commitment to purchase 12 gigawatt-hours of Form Energy's iron-air batteries, with delivery beginning in 2027. Form's 100-hour duration technology stores energy through a controlled oxidation process. Oxygen from the air flows over iron pebbles inside the battery, producing rust and releasing electricity. Charging reverses the reaction, de-rusting the iron and releasing oxygen. The result is a long-duration storage system suited to sustained energy independence rather than short-cycle grid stabilisation.
To understand the scale: Google recently committed to 30 gigawatt-hours of the same Form Energy technology, a deal reported to be worth approximately $1 billion. Crusoe's purchase is proportionally smaller, but the intent is identical. Long-duration storage means dense compute loads can run continuously without dependence on grid reliability. For an AI infrastructure business operating at gigawatt scale, that is not a nice-to-have. It is a structural requirement.
Separately, Crusoe announced an expansion of its Redwood Materials partnership, adding 8 megawatts of power capacity through repurposed EV batteries. The existing installation, a 12 megawatt, 63 megawatt-hour second-life battery system operating on a microgrid since June 2025, was the largest of its kind at the time of launch. The expansion builds on that foundation using the same approach: high-quality repurposed battery materials delivering cost-effective energy storage at data centre scale.
Axios also reported that Crusoe is considering taking a minority stake in a lithium-ion battery supplier. If pursued, that move would deepen Crusoe's position in its own energy supply chain further, reducing dependency on external suppliers for a critical input to its infrastructure model.
Taken together, these three moves describe a company that is not simply buying energy storage capacity. It is building a vertically integrated energy position to match its vertically integrated infrastructure position. That is what the pre-IPO valuation range of $30 billion to $40 billion is pricing in.
What the Crusoe IPO Looks Like From Here
The IPO is widely expected in 2026, according to Axios. The pre-IPO round being raised at up to $40 billion reflects where institutional capital believes Crusoe will be valued when it reaches the public markets. That round, if completed at the upper end of the range, would represent a fourfold increase on the October 2025 Series E price in under twelve months.
The narrative that Crusoe would take to a public listing is already visible in the operational record. A focused AI infrastructure thesis, confirmed by the divestiture of Bitcoin mining. A physical execution record at a pace the industry has taken note of, with gigawatt-scale campuses built and operational within timelines that established players cannot match. A cloud platform with 5x year-on-year booking growth. A power pipeline above 45 gigawatts. And now an energy storage strategy that addresses the fundamental reliability requirement of serious AI compute.
No IPO date has been confirmed. Private market investments carry real uncertainty and timing is never guaranteed. The valuation range being discussed in the pre-IPO round does not guarantee a public market outcome at that level. These are the standard and genuine risks that apply to any pre-IPO position.
But for investors who want to understand where institutional capital is positioning ahead of one of the more anticipated public market events in the AI infrastructure cycle, Crusoe's current trajectory answers that question clearly.
How to Access Crusoe Shares on WLTH
Pre-IPO access to Crusoe stock is available now on WLTH at a $17.39 billion valuation. That entry point sits materially below the $30 billion to $40 billion range at which the pre-IPO round is being raised, and below the public market valuation that institutional investors are underwriting ahead of an IPO expected in 2026.
WLTH provides tokenised economic rights to private market exposure in companies like Crusoe ahead of a potential public listing. This is not a direct equity stake and holders have no shareholder rights in the underlying company.