𝗖𝗿𝘂𝘀𝗼𝗲 𝗿𝗲𝗮𝗰𝗵𝗲𝘀 $𝟮.𝟴𝗕 𝘃𝗮𝗹𝘂𝗮𝘁𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 $𝟲𝟬𝟬𝗠 𝗦𝗲𝗿𝗶𝗲𝘀 𝗗 𝘁𝗼 𝗽𝗼𝘄𝗲𝗿 𝘀𝘂𝘀𝘁𝗮𝗶𝗻𝗮𝗯𝗹𝗲 𝗔𝗜 𝗶𝗻𝗳𝗿𝗮𝘀𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲
AI infrastructure pioneer Crusoe has secured $600 million in Series D funding at a $2.8 billion valuation, led by Founders Fund with participation from NVIDIA, Fidelity, Mubadala, and Ribbit Capital, as the company scales its energy-first approach to AI computing while playing a central role in OpenAI's $500 billion Stargate project.
Founded by Chase Lochmiller and Cully Cavness, Crusoe has transformed from cryptocurrency mining operations into one of four leading AI neocloud providers. The company's unique value proposition centers on converting stranded energy sources (primarily waste natural gas and renewables) into power for high-performance AI data centers.
Central to Crusoe's breakthrough is their vertically integrated model controlling the entire stack from energy generation to cloud services. The company's flagship Abilene, Texas campus represents a $15 billion joint venture with Blue Owl Capital, featuring 1.2 gigawatts of capacity capable of operating 100,000 GPUs. This facility serves as critical infrastructure for OpenAI's Stargate project, positioning Crusoe among the most strategic AI infrastructure providers globally.
The company has secured over $2 billion in total 2024-2025 funding through multiple vehicles, including a $750 million credit facility from Brookfield Asset Management specifically for NVIDIA chip purchases and AI data center development. Strategic partnerships with GE Vernova provide nearly 1 gigawatt of power generation capacity, while the Engine No. 1 joint venture adds 4.5 gigawatts across multiple U.S. locations.
Recent executive appointments strengthen operational capabilities, with Google Cloud veteran Erwan Menard joining as SVP of Product Management and energy industry veteran John M. Adams as SVP of Power Infrastructure. In addition, the August 2025 acquisition of GPU optimization company Atero enhances AI infrastructure performance while establishing Crusoe's first Middle East office.
With AI cloud services now representing 45% of revenue at $124 million (460% year-over-year growth) and projected revenue reaching nearly $1 billion in 2025, Crusoe's energy-first approach positions the company to capture significant market share in the rapidly expanding sustainable AI infrastructure sector, where energy represents up to 60% of data center operating costs.
Founders: Chase Lochmiller, Cully Cavness
Sources: Crusoe Press Release, Crusoe Newsroom, GlobeNewswire, Cheddar Flow Analysis, Tracxn, OpenAI Stargate, CNBC, ESG, TechCrunch