Abilene TX Campus (Stargate Site 1) Buildout Tracker
| Attribute | Detail | Status / Timeline |
|---|---|---|
| Total campus power | 1.2 GW critical IT capacity | Operational (Q1 2026) |
| Buildings / floor area | 8 buildings, ~4 million sq ft | Final building topped out Q1 2026; full completion targeted mid-2026 |
| Phase 1 (first two buildings) | 200+ MW, ~980,000 sq ft | Energized September 2025 |
| GPU capacity per building | Up to ~50,000 NVIDIA GB200 NVL72 | Design spec (Spectrum-X Ethernet fabric) |
| GPU capacity at full buildout | ~400,000 GB200 (some reporting cites up to ~450,000, RUMORED) | Ramping as buildings energize |
| Commercial structure | Crusoe builds; Oracle leases (15-yr); OpenAI is end user | Stargate Site 1 designation (Jan 2025) |
| First GB200 racks delivered | Oracle began delivering NVIDIA GB200 racks | June 2025 |
| Construction workforce | ~2,000 daily workers, peaking near ~5,000 | Construction commenced June 2024 |
Updated at 2026-05
Crusoe Cloud Growth Metrics and Marquee Customers
| Metric / Customer | Value | Notes |
|---|---|---|
| Cloud ARR growth (2025) | ~150% YoY | Crusoe-disclosed; recurring GPU-compute revenue |
| Added total contract value (2025) | ~17x YoY | Driven by large reserved-capacity deals |
| Crusoe Cloud bookings (first 3 quarters 2025) | ~5x vs prior year | Bookings, not recognized revenue |
| New logos (2025) | ~70% YoY growth | New customer accounts added |
| Cloud ARR snapshot (context) | ~$290.7M (getLatka, RUMORED) | Absolute figure varies by source; not charted |
| Marquee customers | Microsoft, Sony, Databricks, Together AI, Codeium, Luma AI, Playground AI | Publicly named accounts; AI-native model and media labs plus hyperscaler anchor |
Updated at 2026-05
Crusoe Datacenter Power Capacity Pipeline by Site (GW)
2023-2026
Updated at 2026-05
Crusoe Flared-Gas / Stranded-Energy Origin Metrics
| Metric | Figure | As of / Notes |
|---|---|---|
| Gas captured (annual) | Over 10 billion cubic feet | 2024; otherwise-flared wellhead gas |
| Power generated from flared gas | ~1.3 TWh | 2024 (635,000 MWh in 2023) |
| Deployed flared-gas capacity | ~200 MW | Behind-the-meter at wellsites; ~1/3 of early Crusoe Cloud was flare-powered |
| DFM projects / mobile datacenters | 33 projects across 6 states (2023); 86 mobile units across 30 sites (Sacra) | Colorado, Montana, New Mexico, North Dakota, Utah, Wyoming |
| Daily gas processed | Over 10 million cubic feet/day | Per Sacra operating snapshot |
| Bitcoin-mining fleet divested | 425+ modular datacenters, 250+ MW across 7 states | Sold to NYDIG (2024-2025); marks pure-play AI pivot |
Updated at 2026-05
Crusoe Funding, Valuation, and Project Debt Stack
| Round / Facility (date, lead) | Amount Raised | Post-Money Valuation | Notable Participants |
|---|---|---|---|
| Series A (2019) | $30M | n/a | Bain Capital Ventures (lead), Founders Fund, Polychain |
| Series B (2021-01) | $128M | n/a | G2 Venture Partners (lead), Bain, Valor, Founders Fund |
| Series C (2022-04) | $350M | n/a | G2 (lead), Founders Fund, Valor, Bain, Mubadala, Sozo |
| Series D (2024-12, Founders Fund) | $600M | $2.8B | Founders Fund (lead), Mubadala, Fidelity, Felicis, Valor |
| Series E (2025-10, Valor + Mubadala) | $1.375B | $10B | Valor + Mubadala (co-leads), NVIDIA, Fidelity, Founders Fund, Tiger Global |
| Abilene project debt (2024-2025) | ~$11.6B total; incl. $9.6B JPMorgan debt + $5B Blue Owl equity (RUMORED split) | n/a (asset-backed) | Brookfield, Blackstone, KKR, JPMorgan, Blue Owl |
Updated at 2026-05
Crusoe Revenue Trajectory (AI Pivot)
2023-2028E
Revenue (USD M)
Updated at 2026-05
Crusoe in AI Software
OpenAI
$PRIVATE
Largest AI lab by revenue. Approximately $13B annualized run-rate revenue (mid-2025) from a mix of ChatGPT consumer subscriptions, ChatGPT Enterprise / Team, the OpenAI API, and Microsoft Azure OpenAI revenue share. ChatGPT reaches roughly 800M weekly active users (late 2025). Builder of the GPT family (GPT-4o, GPT-4.5, GPT-5, o-series reasoning models) and Sora video. Microsoft is the dominant compute and distribution partner; SoftBank led the $40B March 2025 primary round at $300B.
