Data center developer Crusoe has raised $3 billion in a new funding round, valuing the company at a hefty $30 billion. The deal, co-led by Atreides Management and Valor Equity Partners, includes contributions from Mubadala Capital. Crusoe, which recently clinched a $13 billion, five-year cloud contract with Jane Street, has pivoted from a crypto mining operation to a major player in AI infrastructure, working with clients like OpenAI and Oracle. The company’s ambitions have caught the eye of investment bankers, who are discussing a potential IPO.

The company’s journey began in 2018 as a crypto mining operation using flared natural gas. Since then, it has transformed into a key player in the AI infrastructure space. This new funding round could signal a significant shift in the market, as more companies turn to sustainable data center solutions.

Crusoe’s recent contract with Jane Street underscores the growing demand for powerful cloud services in the quantitative trading sector. The deal is expected to provide the tech firm with the necessary resources to develop and supply advanced AI infrastructure, further solidifying its position in the tech landscape.

While the valuation is impressive, the sustainability of such large-scale operations remains a concern. As data centers consume vast amounts of energy, questions about their environmental impact are increasingly being raised. Crusoe’s use of flared natural gas in its early days might not have set the best example, but its current focus on sustainable solutions could pave the way for a greener future.

The potential IPO could bring more transparency and scrutiny to Crusoe’s business practices, which could be crucial for its long-term success. As the tech industry continues to evolve, companies like Crusoe will play a key role in shaping the future of data centers and cloud computing.