Crusoe
AI datacenter operator built on stranded power. Lead developer of the Abilene TX Stargate site for OpenAI + Oracle
PRIVATESan Francisco, CA~700Founded 2018~$4B equity + $11.6B project financing (Abilene) raised$10B valuationwww.crusoe.ai
SectorsAI Software
Market Metrics
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
Updated at 2026-Q1
Funding History
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) |
Updated at 2026-Q1
Product Specifications
| 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) |
Updated at 2026-Q1
Partnerships & Investors
OpenAI / Oracle / SoftBank / MGXCustomer / Stargate JV
Abilene TX site designated Stargate Site 1: Crusoe builds, Oracle leases capacity, OpenAI is the end user; $500B 4-year Stargate program parent.
NVIDIAStrategic / Investor / Supplier
Series E investor; primary GPU supplier; Abilene deploys GB200 NVL72 racks; Blackwell allocation priority.
MubadalaStrategic / Investor
UAE sovereign-fund investor since Series C; co-led the Series E; MGX entity also participates in Stargate broadly.
Valor Equity PartnersLead Investor
Co-led the Oct 2025 Series E at a $10B valuation.
Brookfield + Blackstone + KKRProject Debt
Asset-backed datacenter financing; the Abilene campus carries ~$11.6B of project financing.
LanciumStrategic Partner
Joint development on flexible-load Texas sites; behind-the-meter and grid-flexibility expertise.
Updated at 2026-Q1
Key Milestones
2018
Company Founded
Chase Lochmiller and Cully Cavness start Crusoe as a flared-gas Bitcoin mining company in the Bakken (North Dakota)
2020
Digital Flare Mitigation Patent
Patented mobile generator + mining-rig combos that turn flared natural gas into electricity for compute
2022
AI Cloud Launch
Crusoe Cloud GA; first product offering GPU rentals on stranded-power-fed datacenters
Aug 2024
Bitcoin Mining Divestiture
Crusoe sells its Bitcoin mining business to NYDIG; becomes pure-play AI infrastructure operator
Oct 2024
Abilene TX Site Announced
Crusoe selected as developer of the Abilene Texas datacenter campus; Oracle becomes anchor tenant
Dec 2024
Series D at $2.8B
$600M Founders Fund + Mubadala-led round funds Abilene buildout
Jan 2025
Stargate Designation
Abilene TX site formally designated Stargate Site 1: OpenAI's flagship 1.2 GW datacenter (with future expansion potential)
Oct 2025
Series E at $10B
$1.375B oversubscribed round co-led by Valor and Mubadala with 30+ investors incl. NVIDIA; ~3.6x the Dec 2024 valuation
Q1 2026
Abilene Phase 1 Operational
Final building topped out; the 1.2 GW campus is operational on Oracle Cloud Infrastructure, with capacity for up to ~400K NVIDIA GB200 units
Updated at 2026-Q1