What Changed in September 2026
On September 17, 2026, TechCrunch reported that Crusoe closed a $3.9 billion Series F round, co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners, valuing the company at $30.9 billion, up from roughly $10 billion at its October 2025 raise.
The same report said Crusoe added three new board members: Cloudflare CFO Thomas Seifert, Primary Digital Infrastructure partner Bill Stein (formerly CEO of Digital Realty), and Redwood Materials founder and CEO JB Straubel. Neither the new round nor the board additions changes the IPO picture: the informal bank talks reported on August 18, 2026 remain at the same stage, with no target date, offering size, or valuation for a listing disclosed.
The most advanced conversation on this list
Every company on Segmara's IPO Watch is private, but not all of them are equally close to a listing. Crusoe stands out: Axios Pro reported on August 18, 2026 that the AI data-center and power company is discussing a potential IPO with JPMorgan, Goldman Sachs, Morgan Stanley, and Bank of America. That is a meaningfully further step than an executive musing in an interview.
The same reporting was explicit about the limits of that step: the talks have not advanced to a formal competition to select the offering's banks, and no target date, offering size, proposed valuation, or share count has been disclosed. Early conversations with underwriters are preparation, not a filed process.
A valuation that has climbed in every direction
Crusoe's Series E round began closing at $1.375 billion in October 2025, co-led by Valor Equity Partners and Mubadala Capital, implying a valuation above $10 billion, with funds managed by Blue Owl expected to join a later closing. By March 2026, Axios reported the company was separately raising a pre-IPO round targeting $30 billion to $40 billion.
Bloomberg reported in July 2026 that Crusoe was in talks for a further roughly $3 billion raise at a valuation around $30 billion, broadly consistent with the range Axios had reported months earlier. Each of these is a private financing event, not a listing step, though together they show a company whose backers are pricing it for a much larger future than its 2025 Series E implied.
What the CEO has actually said
Crusoe's leadership has been more candid than most about the direction of travel, if not the timing. In a February 21, 2025 interview, CEO and co-founder Chase Lochmiller told Forbes, "We will go public but we don't have a specific plan." That is a stated intention, not a filed process.
Ten months later, in December 2025, Lochmiller declined to comment when Mergermarket asked directly whether Crusoe was going public in 2026, according to that outlet's reporting. Read together with the August 2026 bank talks, the pattern is a company visibly preparing for a future listing while declining to commit to when. Until an S-1 appears on EDGAR, that is where it stands.