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CrusoeAI datacenter operator built on stranded power. Lead developer of the Abilene TX Stargate site for OpenAI + Oracle
Valuation (Oct 2025 Series E)
$10B
+257% from $2.8B (Dec 2024)
Revenue
~$1B (2025)
from ~$276M (2024); potential ~$2B in 2026
Abilene TX (Stargate Site 1)
1.2 GW operational
OpenAI's flagship buildout; up to ~400K GB200 units; on Oracle Cloud
Capital Stack
~$4B equity + $11.6B project financing
Asset-backed financing from Brookfield / Blackstone / KKR enables non-dilutive scaling
Total raised: ~$4B equity + $11.6B project financing (Abilene) · Latest valuation: $10B
| Round | Date | Amount | Valuation | Key Investors |
|---|---|---|---|---|
| Series A | 2019 | $30M | - | Bain Capital Ventures (lead)Founders FundPolychain |
| Series B | Jan 2021 | $128M | - | G2 Venture Partners (lead)Bain Capital VenturesValor Equity PartnersFounders Fund |
| Series C | Apr 2022 | $350M | - | G2 (lead)Founders FundValorBain Capital+2 more |
| Series D | Dec 2024 | $600M | $2.8B | Founders Fund (lead)MubadalaFidelityLong Journey Ventures+2 more |
| Series E | Oct 2025 | $1.375B | $10B | Valor Equity Partners (co-lead)Mubadala Capital (co-lead)NVIDIAFidelity+4 more |
| Project Debt | 2024-2025 | $11.6B (Abilene) | - | BrookfieldBlackstoneKKR (asset-backed datacenter financing) |
| Product | Type | Status |
|---|---|---|
| Crusoe Cloud | On-demand + reserved GPU compute (H100, H200, GB200) | GA |
| Crusoe Datacenters | Build-to-suit hyperscale datacenter operator | GA (multi-GW pipeline) |
| Abilene TX Campus (Stargate Site 1) | 1.2 GW datacenter for OpenAI / Oracle | Operational (Q1 2026) |
| Crusoe Energy | Digital flare mitigation + behind-the-meter power solutions | GA (legacy origin business) |
Abilene TX site designated Stargate Site 1: Crusoe builds, Oracle leases capacity, OpenAI is the end user; $500B 4-year Stargate program parent.
Series E investor; primary GPU supplier; Abilene deploys GB200 NVL72 racks; Blackwell allocation priority.
UAE sovereign-fund investor since Series C; co-led the Series E; MGX entity also participates in Stargate broadly.
Co-led the Oct 2025 Series E at a $10B valuation.
Asset-backed datacenter financing; the Abilene campus carries ~$11.6B of project financing.
Joint development on flexible-load Texas sites; behind-the-meter and grid-flexibility expertise.
Chase Lochmiller and Cully Cavness start Crusoe as a flared-gas Bitcoin mining company in the Bakken (North Dakota)
Patented mobile generator + mining-rig combos that turn flared natural gas into electricity for compute
Crusoe Cloud GA; first product offering GPU rentals on stranded-power-fed datacenters
Crusoe sells its Bitcoin mining business to NYDIG; becomes pure-play AI infrastructure operator
Crusoe selected as developer of the Abilene Texas datacenter campus; Oracle becomes anchor tenant
$600M Founders Fund + Mubadala-led round funds Abilene buildout
Abilene TX site formally designated Stargate Site 1: OpenAI's flagship 1.2 GW datacenter (with future expansion potential)
$1.375B oversubscribed round co-led by Valor and Mubadala with 30+ investors incl. NVIDIA; ~3.6x the Dec 2024 valuation
Final building topped out; the 1.2 GW campus is operational on Oracle Cloud Infrastructure, with capacity for up to ~400K NVIDIA GB200 units
Vertically integrated AI cloud operator pairing flared-gas and stranded-energy power with GPU clusters. Built the Abilene, Texas anchor site for the Stargate joint venture supporting OpenAI compute. Series D raised $600M at a $2.8B valuation in 2024; subsequent debt and project-finance facilities total many billions. Crusoe was founded in 2018, is headquartered in San Francisco, CA and employs ~700.
Crusoe has raised ~$4B equity + $11.6B project financing (Abilene) in total at a $10B valuation, based on the funding rounds Sterling tracks.
Sterling groups Crusoe in the AI Software sector, alongside CoreWeave (CRWV), Nebius Group (NBIS), Applied Digital (APLD), IREN (Iris Energy), Together AI (private) and Fireworks AI (private).
If you are researching Crusoe, also look at CoreWeave (CRWV), Nebius Group (NBIS) and Applied Digital (APLD). You can compare all of them side by side or browse the full AI Software sector on Sterling.
