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BTC Robinhood Ventures Fund I 投资 Crusoe，助推其向人工智能基础设施转型
由 Robinhood 管理的封闭式基金 Robinhood Ventures Fund I（简称 RVI）已承诺向 Crusoe 投资约 2500 万美元。Crusoe 此前专注于比特币挖矿，如今则将重心转向为人工智能（AI）数据中心提供动力支持。此次投资是 Crusoe 于 8 月 31 日完成的 39 亿美元 F 轮融资的一部分，该轮融资后公司的估值达到 309 亿美元。
从加密货币挖矿到 AI 基础设施的战略转型
Crusoe 成立于 2018 年，因将放空天然气转化为电力以驱动其模块化数据中心而闻名。最初，这些数据中心主要用于支持比特币挖矿业务。截至 2025 年 3 月，Crusoe 已在美国七个州以及阿根廷部署了超过 425 个模块化数据中心。然而，该公司随后将其比特币挖矿业务和数字放空缓解子公司出售给了 NYDIG，从而将战略重点转向构建服务于 AI 工作负载的高效能源基础设施。
近期报道显示，Crusoe 目前的战略核心是利用新型能源运行 AI 数据中心。公司声称其合同总价值已超过 1400 亿美元，拥有 6 GW 的签约总容量，其中 1 GW 已投入运营。
名词解释：Crusoe is a U.S. -based infrastructure company that uses alternative and renewable energy to power AI data centers. The company initially used excess natural gas from oil fields to power its operations, and then gradually moved to broader artificial intelligence infrastructure projects.
New ways for retail investors to access AI and technology infrastructure
The RVI launched trading on the New York Stock Exchange on March 6, aiming to allow retail investors to access high-growth private technology companies without qualifying as qualified investors-including the new investment target Crusoe. By purchasing fractional shares, investors can invest for as little as $1. The fund's portfolio also includes industry giants such as OpenAI, SpaceX, Stripe, Databricks and Canva.
Joining Crusoe marks RVI's further penetration into the underlying infrastructure areas that support advanced AI capabilities. In April this year, RVI invested US$75 million in OpenAI, further strengthening its commitment to supporting cutting-edge technology operations and infrastructure.
Sarah Pinto, President of RVI, emphasized the importance of Crusoe's vertical integration model and pointed out that adopting new energy sources is crucial for AI data centers. She described this strategy as a typical feature of advanced innovative companies that deserve investors 'attention.
Major investors and financing details
Crusoe's Series F funding round was jointly led by Atreides Management, Mubadala Capital and Valor Equity Partners. Major investors also include Nvidia, Founders Fund and Qatar Investment Authority, and Robinhood's RVI is also one of the notable contributors. The post-investment valuation of $30.9 billion reflects the company's huge growth potential as demand shifts away from traditional cryptocurrency mining to supporting AI technology.
Market dynamics for AI and mining infrastructure
The shift towards leveraging former cryptocurrency mining sites to support AI reflects broader changes in the industry. According to CoinShares, the average forward sales multiple for listed mining companies with AI or high-performance computing (HPC) contracts is 12.9 times, compared with 3.7 times for companies without such contracts. Although Crusoe has a backlog of more than $100 billion in AI/HPC orders, its annualized revenue is currently only $1.1 billion, highlighting the future-oriented nature of the industry.
电力仍然是比特币挖矿和 AI/HPC 活动的关键制约因素。Gartner 预测，全球数据中心用电量将在 2026 年增长 26%，达到 565 TWh，其中优化用于 AI 的服务器将占据近三分之一。这种需求突显了现有数据中心站点从挖矿向 AI 导向运营的价值转移。
在 AI 热潮中，加密投资依然坚韧
尽管对 AI 的关注日益增加，但针对加密货币和区块链的风险投资并未减少。Galaxy Research 观察到，第二季度有 56.83 亿美元投资于 384 起加密货币和区块链交易，较上一季度增长了 31%，表明市场后期融资轮次仍保持持续兴趣。
AI 基础设施与加密货币现在越来越多地争夺相同的投资资金、电力资源和物理场地。Crusoe 从比特币挖矿到 AI 数据中心的演变，生动地展示了随着新技术重塑传统基础设施的价值主张，市场优先事项和估值如何迅速发生转变。
Robinhood 董事长 Vlad Tenev 也反映了这一转变，他断言，支撑 AI 的基础设施与算法和模型本身同样重要。
