Crusoe reported in IPO talks with JPMorgan, Goldman Sachs, Morgan Stanley and BofA
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What happened
Axios Pro reported on August 17, 2026 that Crusoe, the data center developer and power supplier, was in talks with Wall Street banks about an initial public offering. The four banks named were JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America. Yahoo Finance, relaying the report on August 18, said that according to a source cited by Axios the talks had not advanced to a formal competition to select the offering's banks. The article included no company comment on the IPO talks.
No target date, offering size, proposed valuation or share count was disclosed. Yahoo Finance also recalled Crusoe's private funding: an initial $1.375 billion close of its Series E, announced in October 2025 and co-led by Valor Equity Partners and Mubadala Capital, which implied an expected valuation above $10 billion. It added that Bloomberg had reported in July 2026 that Crusoe was discussing a roughly $3 billion round at a valuation of about $30 billion including the new investment. The IPO talks were reported by Axios Pro and relayed by others, not announced by the company.
Key points
- Axios Pro reported on August 17, 2026 that Crusoe was in IPO talks with four Wall Street banks.12
- The banks named were JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America.12
- The talks had not advanced to a formal competition to select the offering's banks.2
- No target date, offering size, proposed valuation or share count was disclosed.2
- Bloomberg reported in July 2026 that Crusoe discussed a roughly $3 billion round at about $30 billion including the new money.2
Why it matters
A listing is the main way employees and early holders of private shares could find a public market. At this stage the sources report only talks with banks, with no date, size or valuation.
Yahoo Finance cites an expected valuation above $10 billion implied by the October 2025 Series E and about $30 billion in Bloomberg-reported July 2026 talks. No IPO valuation has been reported to compare with them.
Four large banks are reported to be in talks, but without a formal competition to pick the offering's banks. The reports do not describe a mandate or a filing.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series C | Apr 21, 2022 | $1.8B | $350M | G2 Venture Partners |
| Series D | Dec 12, 2024 | $2.8B | $600M | Founders Fund |
| Series F | Sep 17, 2026 | $31B | $3.9B | Atreides Management, Mubadala Capital, and Valor Equity Partners |
Updated
Fact-check
- Axios Pro reported on August 17, 2026 that Crusoe was in IPO talks with JPMorgan, Goldman Sachs, Morgan Stanley and Bank of America.Confirmed by [2] Yahoo Finance, which says Axios Pro reported on Monday, August 17, 2026 and names the four banks. [1] Axios Pro returned 403 and was not read directly.Verified
- The talks had not advanced to a formal competition to select the offering's banks.Confirmed by [2] Yahoo Finance, citing a source quoted by Axios.Verified
- No target date, offering size, proposed valuation or share count was disclosed.Confirmed by [2] Yahoo Finance, which states this directly.Verified
- Crusoe announced an initial $1.375 billion close of its Series E in October 2025, co-led by Valor Equity Partners and Mubadala Capital, implying an expected valuation above $10 billion.Confirmed by [2] Yahoo Finance, which gives the amount, date, co-leads and implied expected valuation.Verified
- Bloomberg reported in July 2026 that Crusoe was discussing a roughly $3 billion round at about $30 billion including the new investment.Confirmed by [2] Yahoo Finance, which attributes the report to Bloomberg. It is a report of talks, not a closed round.Verified
Sources
- [1]Axios Pro (opens in a new tab)Data center developer Crusoe in IPO talks with JPM, Morgan Stanley, Goldman, BofA
- [2]Yahoo Finance (opens in a new tab)Crusoe discusses potential IPO with JPMorgan, Goldman Sachs, Morgan Stanley and BofA: Axiosnot advanced to a formal competition to select the offering's banks
