Robinhood Ventures Fund I invested approximately $25 million in Crusoe, a Denver-based company that once mined Bitcoin and now focuses on AI data centers. The deal closed on August 31 as part of Crusoe’s $3.9 billion Series F fundraising round and values Crusoe at $30.9 billion post-money. Robinhood Ventures President Sarah Pinto said Crusoe is ‘building a unique, vertically-integrated AI infrastructure asset that uses new energy sources to run data centers,’ while Robinhood chairman Vlad Tenev said the infrastructure underlying AI ‘matters as much as the models themselves.’ The Crusoe stake joins RVI’s portfolio of OpenAI, SpaceX, Stripe, Databricks, and Canva, and gives retail investors exposure through NYSE-listed shares with fractional investing available for as little as $1.
The Series F was co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, with participation from Nvidia, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, TPG, and Robinhood Ventures. Crusoe said the capital will expand existing data centers and build modular Spark AI factories that can be transported by truck and connected to large power sources. Crusoe’s customers include OpenAI, Meta, Microsoft, and Oracle, and it recently signed a $13 billion, five-year cloud contract with quantitative trading firm Jane Street.
Crusoe was founded in 2018 as a crypto mining company powered by flared natural gas. By March 2025 it had deployed over 425 modular data centers in seven U.S. states and Argentina. It later sold its Bitcoin mining operations and Digital Flare Mitigation subsidiary to NYDIG to focus on AI infrastructure. The company now reports more than $140 billion in total contracted value and 6 gigawatts of contracted capacity, with 1 GW already operational. It is also in early talks with Goldman Sachs and Morgan Stanley about a potential IPO, just ten months after raising $1.38 billion at a $10 billion valuation in October 2025.
The deal highlights a broader repricing of mining infrastructure. CoinShares reports that listed miners with contracted AI or HPC capacity trade at an average of 12.9 times forward sales, versus 3.7 times for those without contracts. S&P Global has also seen miners repurposing sites for AI and high-performance computing. Meanwhile, Galaxy Research found crypto and blockchain investors deployed $5.683 billion across 384 deals in Q2, up 31% from the previous quarter, but AI is competing with crypto for the same investment capital, power supplies, and sites. As Crusoe’s pivot shows, infrastructure once used to mine Bitcoin can become far more valuable when repurposed for AI.
