Crusoe

Crusoe is a vertically integrated AI infrastructure company founded in 2018 and headquartered in Denver, Colorado. It sources power, designs and builds AI-optimised data centres, and sells compute through Crusoe Cloud, a GPU platform running NVIDIA and AMD hardware alongside managed inference and fine-tuning services.

The company began by converting stranded and flared natural gas into computing power through a technique it branded Digital Flare Mitigation. In March 2025 it agreed to sell that business, together with its bitcoin mining operation, to NYDIG - approximately 425 modular data centres and over 250 MW across seven US states and Argentina, with roughly 135 employees transferring - in order to focus solely on AI infrastructure.

Its flagship site is an eight-building, 1.2 gigawatt campus in Abilene, Texas, built for Oracle as part of the Stargate programme. The first two buildings were energised within a year of ground-breaking in June 2024 and went live in September 2025, and the wider build is financed through a $15 billion joint venture with Blue Owl Capital and Primary Digital Infrastructure. In March 2026 Crusoe announced a second, 900 MW Abilene campus contracted to Microsoft, taking the site to 2.1 gigawatts.

By June 2026 the company said it had 4.9 gigawatts of AI infrastructure capacity under contract across five US campuses, against a development pipeline of more than 40 gigawatts. Power comes from gas turbines, renewables, batteries and grid interconnection, with announced agreements covering 29 GE Vernova aeroderivative turbines, 12 gigawatt-hours of Form Energy iron-air batteries and a prospective nuclear deployment with Aalo Atomics.

Crusoe raised $1.375 billion in a Series E in October 2025 at a valuation above $10 billion, co-led by Valor Equity Partners and Mubadala Capital, less than two years after a $600 million Series D at $2.8 billion. In September 2026 press reports put a further round of more than $3 billion at a valuation of roughly $30 billion, co-led by Atreides Management and Valor Equity Partners, days after Bloomberg reported a five-year cloud contract with Jane Street worth about $13 billion. Construction is financed separately from the equity stack, through a $750 million Brookfield credit facility and the $15 billion Blue Owl joint venture.