Data centre start-up Crusoe Energy is raising as much as $500mn of equity capital from investors including Peter Thiel’s Founders Fund to expand its facilities that provide the infrastructure powering the AI boom.

The fundraising will value Crusoe at about $3bn, more than double its valuation two years ago, according to three people with knowledge of the deal. It is the latest fledgling company whose fortunes have surged as a result of the significant spending on AI following the release of ChatGPT in late 2022.

Founders Fund, which has invested in Crusoe since its seed round in 2019 and was also an early backer of OpenAI, will lead the new funding round, according to three people close to the deal talks. Felicis Ventures, another existing Crusoe investor, will also participate, the people said.