Monthly roundup · Cloud · September 2026

Cloud startup funding, September 2026: Crusoe's $3.9B Series F leads 10 rounds

By Millionrounds ResearchPublished 1 October 2026Updated 25 October 2026

We read 10 equity rounds in Cloud announced in September 2026, raising $12B between them: 3% of all the rounds we read that month and 30% of the money. The largest was Crusoe's $3.9B Series F, led by Valor Equity Partners and Atreides Management. Valor Equity Partners led the most rounds, with 2.

Equity rounds10in Cloud, 10 with an amount
Raised$12Bacross those rounds
Lead named80%of rounds say who led
Share of the month3%of rounds; 30% of the money

The biggest rounds

  1. 1CrusoeSeries F · United States · led by Valor Equity Partners, Atreides Management$3.9B
  2. 2Mistral AISeries D · France · led by Samsung Electronics$3.5B
  3. 3TemporalSeries E · United States · led by Lightspeed Venture Partners, Tiger Global Management$550M
  4. 4ArmadaGrowth · United States$230M
  5. 5VVerdaSeries B · Finland · led by Emergence Capital$189M
  6. 6TARSeries A · United States · led by Spark Capital$120M
  7. 7Delos DataSeries A · United States$100M
  8. 8VVeriduePre-seed · United Kingdom · led by Episode 1$4.0M
  9. 9BoxdPre-seed · Netherlands · led by BlueYard Capital$2.0M

Day by day

Equity rounds in Cloud announced each day of September. The busiest day was 8 September, with 2.

1 September30 September

By stage, against the year

Each stage's median this month beside its twelve-month median: the sector's own where we hold enough rounds for a benchmark, otherwise the one across all sectors.

Pre-seed2$3.0Mthis month$2.0M12 months, all sectors
Series A2$110Mthis month$20M12 months, all sectors
Series B1$189Mthis month$50M12 months, all sectors
Series D1$3.5Bthis month$150M12 months, all sectors
Growth2$1.6Bthis month$113M12 months, all sectors

The most active leads

Firms that led two or more of the month's rounds in Cloud.

Where

United States had the most Cloud rounds this month.

Against the month

  • Rounds, Cloud10
  • Rounds, all sectors357
  • Raised, Cloud$12B
  • Raised, all sectors$39B

The whole of September 2026

Other sectors in September

195 roundsAI→51 roundsFintech→39 roundsHealthcare→30 roundsBig Data & Analytics→27 roundsBiotech→25 roundsRobotics→24 roundsCybersecurity→23 roundsHardware & Electronics→22 roundsEnterprise Software→21 roundsSoftware→21 roundsEnergy→21 roundsConstruction→20 roundsHealthtech→20 roundsSaaS→19 roundsLogistics→17 roundsManufacturing→16 roundsCleantech→14 roundsAerospace & Space→14 roundsDefence Tech→13 roundsTelecoms→13 roundsSemiconductors→13 roundsClimate Tech→11 roundsAutomotive & EVs→