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Data center developer and power provider Crusoe has raised about $3.9 billion in equity funding at a $27 billion pre-money valuation, Axios Pro has learned.

Why it matters: The company is in talks with Wall Street banks about an IPO.

Flashback: Axios Pro first reported in March that Crusoe was raising pre-IPO funding at an anticipated $30 billion to $40 billion valuation.

Axios reported in August that the Denver-based company was in IPO talks with Bank of America, Goldman Sachs, Morgan Stanley and JPMorgan.

The latest: Atreides Management and Valor Equity Partners led Crusoe's latest equity round, with Mubadala Capital among the participating investors. 

Bloomberg reported earlier that the round was over $3 billion.

Follow the money: Crusoe has raised over $4 billion since its 2018 launch, including $1.4 billion last fall at a $10 billion valuation.

It remains in conversations with banks about its anticipated public listing. 

Catch up quick: Crusoe develops large data center projects, including for Microsoft, OpenAI and Oracle. It also sells cloud computing space, including to Microsoft under a deal announced in March.

The company has broadly styled itself as a low-carbon play, touting its credentials in developing solar and wind assets, though it has embraced natural gas-fired generation to meet booming electricity demand from data centers.

Crusoe raises $3.9B in pre-IPO round

The data center developer drew a $27 billion pre-money valuation.

The logo for data center company Crusoe is displayed in white against the black background of a smartphone screen.

The Crusoe logo is displayed on a smartphone screen. Photo Illustration: Thomas Fuller/SOPA Images/LightRocket via Getty Images

Data center developer and power provider Crusoe has raised about $3.9 billion in equity funding at a $27 billion pre-money valuation, Axios Pro has learned.Why it matters: The company is in talks with Wall Street banks about an IPO.

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Crusoe raises $3.9B in pre-IPO round

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