Crusoe
Vertically integrated 'AI factory' company: develops energy-first data-center campuses (Abilene Stargate, Wyoming), builds modular Spark units, and runs Crusoe Cloud.
www.crusoe.ai · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- Denver, Colorado, United States
- Founded
- 2018
- Ownership
- private
- Operating regions
- North America
- Deployment model
- infrastructure development, wholesale datacenter capacity, dedicated clusters, inference as a service, bitcoin mining
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Blackwell
- Networking
- NVIDIA Quantum-2 InfiniBand
- Storage
- VAST Data filesystem
- Cooling
- Direct-to-chip liquid cooling (Abilene)
- Energy strategy
- controlled — Energy-first model; onsite power plant at Microsoft Abilene campus; Tallgrass partnership in Wyoming.
- Platform / control plane
- AutoClusters (Slurm- and Kubernetes-compatible, auto remediation), Crusoe Managed Kubernetes, Crusoe Managed Inference (MemoryAlloy cluster-wide KV cache), NVIDIA DCGM + proprietary monitoring
- Business model
- Energy-first AI campuses built for hyperscalers/labs (Abilene for Oracle/OpenAI and Microsoft) and Crusoe Cloud GPU clusters with managed inference.
- Differentiation
- Time-to-power: Crusoe secures power (incl. onsite generation) and builds fast at GW scale.
Sources: Contrary Research — Report: Crusoe Business Breakdown & Founding Story, Crusoe — Crusoe Raises $3.9B Series F at a $30.9B Valuation
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
| MW | Maturity | MW type | As of | Status & source |
|---|---|---|---|---|
| 4,900 | contracted | unspecified | 9 Jun 2026 | Announced Confidence: high Contracted AI infrastructure capacity across data-center projects and Crusoe Cloud. Source: Crusoe — Crusoe's Contracted AI Infrastructure Capacity Approaches 5 Gigawatts |
| 40,000 | speculative | power pipeline | 9 Jun 2026 | Estimated Confidence: high Company-stated total development pipeline >40 GW incl. sites in negotiation/advanced development. Not capacity. Source: Crusoe — Crusoe's Contracted AI Infrastructure Capacity Approaches 5 Gigawatts |
Projects
| Project | Location | Status | Capacity |
|---|---|---|---|
| Abilene Stargate campus (Crusoe / Oracle / OpenAI) Phase 2 (six additional buildings) expected completion by end of 2026. Participants: Oracle (tenant), OpenAI (end customer). Source: NeoCloud Observatory research. Sources: Crusoe — Crusoe Announces Flagship Abilene Data Center is Live, Epoch AI — OpenAI Stargate: where the US sites stand | Abilene, Texas, United States | under construction | 1,200 MW (facility, under construction) |
| Crusoe Abilene AI factory campus for Microsoft Two new buildings and an onsite power plant. Participants: Microsoft (tenant). Source: NeoCloud Observatory research. Source: Crusoe — Crusoe builds 900 MW Abilene campus for Microsoft | Abilene, Texas, United States | under construction | 900 MW (unspecified, contracted) |
| Crusoe / Tallgrass Cheyenne AI campus Local approval granted (DCD). Participants: Tallgrass (partner). Source: NeoCloud Observatory research. Source: DatacenterDynamics — Crusoe gets go-ahead for 1.8GW data center campus and power plant in Cheyenne, Wyoming | Cheyenne, Wyoming, United States | permitting | 1,800 MW (facility, announced) |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Jane Streetfinancial | $13.0B | Total contract value | 5 yr | 1 Jun 2026 | signed Reported by third-party research; date approximate; not confirmed by a primary source in this snapshot. Source: Sacra — Crusoe revenue, valuation & funding |
| Microsofthyperscaler | — | Undisclosed | — | 27 Mar 2026 | signed Source: Crusoe — Crusoe builds 900 MW Abilene campus for Microsoft |
| Oracle / OpenAI (Stargate Abilene)hyperscaler | — | Undisclosed | — | 30 Sept 2025 | signed Source: Crusoe — Crusoe Announces Flagship Abilene Data Center is Live |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 17 Sept 2026 | equity | $3.9B | Crusoe — Series F (initial close) Investors: Atreides Management, Mubadala Capital, Valor Equity Partners, Founders Fund, GIC, NVIDIA, Qatar Investment Authority, Radical Ventures, TPG Source: Crusoe — Crusoe Raises $3.9B Series F at a $30.9B Valuation |
| 3 Sept 2026 | equity | $3.0B | Crusoe — Series F (reported) (reported discussion) Source: Bloomberg — Crusoe Raises Over $3 Billion in Funding at $30 Billion Valuation |
| 23 Oct 2025 | equity | $1.4B | Crusoe — Series E (initial close) 'over $10B' valuation. Source: Crusoe — Crusoe raises $1.375B at $10B valuation |
| 12 Dec 2024 | equity | $600.0M | Crusoe — Series D Source: Crusoe — Crusoe closes $600M Series D at $2.8B valuation |
Neocloud Observatory
Evidence-scored analysis
Category B · Vertically Integrated AI Infrastructure · data quality 66.3/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational Unknown
- Under construction 1,200 MW
- Contracted 4,900 MW
- Secured Unknown
- Announced 1,800 MW
- Stated pipeline 40,000 MW
- Company target Unknown
- GPUs operational
- Unknown
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
GPU platforms: NVIDIA GB200 NVL72
Financial position
- Annualised revenue
- Unknown
- Revenue growth (YoY)
- Unknown
- Backlog
- Unknown
- Disclosed contract value
- $13B
- Valuationpost money funding valuation
- $30.9B
- Equity raised (captured)
- $5.9B
- Debt raised (captured)
- Unknown
- Total debt (reported)
- Unknown
- Hyperscaler credit supportnot cash raised
- Unknown
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 63 evidence coverage 75%
- contracted revenue model: 45 (weight 0.4) — spot/on-demand oriented
- model diversity: 88 (weight 0.2) — infrastructure_development, wholesale_datacenter_capacity, dedicated_clusters, inference_as_a_service
- margin: unknown (weight 0.25) — no margin data
- software upside: 75 (weight 0.15) — 5 software layers
Capital Access 79 evidence coverage 90%
- total capital raised: 73 (weight 0.3) — $5.88B equity+debt captured
- raised last 12m: 76 (weight 0.25) — $5.28B in 12m
- valuation: 83 (weight 0.2) — post_money_funding_valuation valuation $30.90B
- strategic backers: 90 (weight 0.15) — NVIDIA/AMD investor or hyperscaler credit support
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 80 evidence coverage 100%
- physical control: 90 (weight 0.3) — power/land/DC control
- software depth: 80 (weight 0.25) — 5 software layers
- contracted lock in: 71 (weight 0.25) — backlog/contract value $13.00B
- operational reputation: 75 (weight 0.2) — Gold (ClusterMAX 2.0)
Concentration Risk (higher = riskier) Insufficient evidence evidence coverage 20%
- top customer share: unknown (weight 0.8) — UNKNOWN
- few customers: 40 (weight 0.2) — 3 disclosed customers
Customer Diversification 60 evidence coverage 40%
- top customer share: unknown (weight 0.6) — concentration UNKNOWN
- distinct customers: 60 (weight 0.4) — 3 disclosed customer relationships
Customer Quality 78 evidence coverage 100%
- hyperscaler or lab: 85 (weight 0.5) — hyperscaler or AI-lab customer
- contracted value: 71 (weight 0.5) — disclosed contract value $13.00B
Execution Risk (higher = riskier) 68 evidence coverage 100%
- build to operating ratio: 100 (weight 0.45) — 6,100 MW to build vs 0 MW operating
- soft pipeline share: 87 (weight 0.25) — 41,800 MW secured/announced/speculative
- organisational youth: 4 (weight 0.3) — founded 2018
Financial Durability 66 evidence coverage 60%
- revenue scale: 70 (weight 0.3) — annualised revenue $2.00B (reported projection)
- net margin: unknown (weight 0.2) — no margin data
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: 73 (weight 0.2) — backlog/revenue 6.5x
- public disclosure: 40 (weight 0.1) — private
Financial Risk (higher = riskier) 41 evidence coverage 40%
- losses: unknown (weight 0.3) — no margin data
- debt to revenue: unknown (weight 0.3) — no debt/revenue data
- reliance on new capital: 47 (weight 0.25) — 12m capital raised / revenue 2.6x
- revenue scale inverse: 30 (weight 0.15) — revenue $2.00B
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 93 evidence coverage 60%
- gpu fleet and contracted: unknown (weight 0.4) — 0 GPUs operational+contracted
- vendor relationship: 95 (weight 0.3) — NVIDIA investor/Exemplar
- latest generation: 90 (weight 0.3) — NVIDIA GB200 NVL72
Growth Momentum 77 evidence coverage 60%
- revenue growth yoy: unknown (weight 0.4) — no growth data
- capacity momentum: 100 (weight 0.25) — 6,100 MW contracted/under construction
- recent major events: 50 (weight 0.2) — 2 major confirmed events in 180d
- capital raised 12m: 73 (weight 0.15) — raised $5.28B in 12m
Infrastructure Execution 27 evidence coverage 60%
- delivered projects: 0 (weight 0.4) — 0/3 tracked projects (partially) operational
- operational share of hard mw: unknown (weight 0.4) — 0 of 6,100 hard MW operational
- building now: 80 (weight 0.2) — 2 under construction
Management Execution 50 evidence coverage 50%
- delivered capacity: unknown (weight 0.5) — 0 MW delivered to date
- milestones 180d: 50 (weight 0.3) — 2 confirmed major milestones (180d)
- disclosure discipline: 50 (weight 0.2) — private
Operational Capacity Insufficient evidence evidence coverage 0%
- operational mw: unknown (weight 0.65) — operational MW UNKNOWN
- operational gpus: unknown (weight 0.35) — operational GPUs UNKNOWN
Power Pipeline Quality 72 evidence coverage 100%
- weighted pipeline mw: 100 (weight 0.5) — ladder-weighted 6,930 MW
- hard share: 13 (weight 0.3) — 13% of stated MW is operational/under construction/contracted
- physical power control: 90 (weight 0.2) — physical-layer control 90/100
Software Platform Maturity 84 evidence coverage 100%
- software layers: 80 (weight 0.5) — inference, kubernetes, observability, scheduler, storage
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: 75 (weight 0.25) — Gold (ClusterMAX 2.0)
Strategic Partnerships 92 evidence coverage 100%
- vendor equity: 95 (weight 0.4) — NVIDIA investor
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: 90 (weight 0.2) — NVIDIA Exemplar / top ClusterMAX
Technical Differentiation 75 evidence coverage 100%
- differentiators: 75 (weight 0.7) — liquid/immersion cooling, controls power/land, deep software stack
- independent rating: 75 (weight 0.3) — Gold (ClusterMAX 2.0)
Technical Strength 83 evidence coverage 85%
- independent rating: 75 (weight 0.45) — Gold (ClusterMAX 2.0)
- exemplar cloud: unknown (weight 0.15) — n/a
- fabric evidence: 80 (weight 0.15) — InfiniBand fabric evidenced
- stack documentation: 100 (weight 0.25) — 10 technology layers evidenced
Vertical Integration 93 evidence coverage 100%
- stack control: 93 (weight 1) — 12 of 12 layers evidenced; 0 UNKNOWN
Career Opportunity 75 evidence coverage 93%
- growth momentum: 77 (weight 0.2) — Growth Momentum
- capital access: 79 (weight 0.15) — Capital Access
- technical strength: 83 (weight 0.12) — Technical Strength
- software platform maturity: 84 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 72 (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: 92 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 60 (weight 0.1) — 100 - financial risk
Data Quality 66 evidence coverage 71%
- dq coverage: unknown (weight 0) — 0.706
- dq avg confidence: unknown (weight 0) — 0.639
- dq primary source pct: unknown (weight 0) — 0.353
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 0
- dq missing count: unknown (weight 0) — 5
Worth Investigating? (not investment advice) 74 evidence coverage 92%
- growth momentum: 77 (weight 0.18) — Growth Momentum
- technical differentiation: 75 (weight 0.12) — Technical Differentiation
- customer quality: 78 (weight 0.12) — Customer Quality
- power pipeline quality: 72 (weight 0.12) — Power Pipeline Quality
- capital access: 79 (weight 0.12) — Capital Access
- strategic partnerships: 92 (weight 0.1) — Strategic Partnerships
- technical strength: 83 (weight 0.08) — Technical Strength
- infrastructure execution: 27 (weight 0.08) — Infrastructure Execution
- operational capacity: unknown (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 78 evidence coverage 85%
- power pipeline quality: 72 (weight 0.3)
- capital access: 79 (weight 0.25)
- customer quality: 78 (weight 0.2)
- operational capacity: unknown (weight 0.15)
- vertical integration: 93 (weight 0.1)
Overall Survival Probability (5y, %) 90 evidence coverage 63%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 2,410 MW (1,280 MW–3,970 MW) | Unknown |
| 24 months | 4,430 MW (2,840 MW–6,850 MW) | Unknown |
| 36 months | 6,115 MW (3,605 MW–9,180 MW) | Unknown |
| 60 months | 7,704 MW (4,525 MW–12,250 MW) | Unknown |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 91% | 83% | 75% | 60% |
| Acquired | 6% | 12% | 17% | 27% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 2% | 3% | 5% | 8% |
| IPO | 19% | 34% | 47% | 65% |
| Acquire another company | 12% | 23% | 32% | 47% |
| Financial distress | 3% | 5% | 8% | 12% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 39% | 56% | 58% | 58% |
| Remain niche | 59% | 40% | 37% | 34% |
| Strategic pivot | 15% | 20% | 25% | 35% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy CONTROLLED Energy-first model; onsite power plant at Microsoft Abilene campus; Tallgrass partnership in Wyoming. (inferred)
- land CONTROLLED Campus developer (Abilene, Cheyenne). (inferred)
- data center OWNED Designs and constructs campuses (often in JV/with financial partners). (inferred)
- power cooling OWNED Self-designed liquid-cooled halls. (inferred)
- gpu hardware OWNED Crusoe Cloud fleet; at Stargate the GPUs belong to Oracle. (inferred)
- network OWNED Crusoe Cloud InfiniBand fabrics. (inferred)
- storage PARTNERED VAST Data. (inferred)
- bare metal OWNED Crusoe Cloud. (inferred)
- orchestration OWNED AutoClusters, managed K8s. (inferred)
- cloud api OWNED Crusoe Cloud APIs. (inferred)
- ai platform OWNED Intelligence Foundry. (inferred)
- managed ai OWNED Managed inference. (inferred)
Not yet sourced: revenue run rate, power mw.operational, gpu count, cash, employees.
Timeline
-
17 Sept 2026 · equity
Crusoe — Series F (initial close)
Source: Crusoe — Crusoe Raises $3.9B Series F at a $30.9B Valuation -
3 Sept 2026 · equity
Crusoe — Series F (reported) (reported discussion)
Source: Bloomberg — Crusoe Raises Over $3 Billion in Funding at $30 Billion Valuation -
9 Jun 2026 · fact
Crusoe contracted AI infrastructure approaches 5 GW (4.9 GW)
Source: Crusoe — Crusoe's Contracted AI Infrastructure Capacity Approaches 5 Gigawatts -
27 Mar 2026 · project
Crusoe Abilene AI factory campus for Microsoft (under construction)
Source: Crusoe — Crusoe builds 900 MW Abilene campus for Microsoft -
27 Mar 2026 · fact
Crusoe announces 900 MW Abilene AI factory campus for Microsoft
Source: Crusoe — Crusoe builds 900 MW Abilene campus for Microsoft -
23 Oct 2025 · equity
Crusoe — Series E (initial close) 'over $10B' valuation.
Source: Crusoe — Crusoe raises $1.375B at $10B valuation -
30 Sept 2025 · fact
Crusoe's flagship Abilene (Stargate) data center goes live
Source: Crusoe — Crusoe Announces Flagship Abilene Data Center is Live -
1 Jul 2025 · project
Crusoe / Tallgrass Cheyenne AI campus (permitting)
Source: DatacenterDynamics — Crusoe gets go-ahead for 1.8GW data center campus and power plant in Cheyenne, Wyoming -
12 Dec 2024 · equity
Crusoe — Series D
Source: Crusoe — Crusoe closes $600M Series D at $2.8B valuation -
1 Jun 2024 · project
Abilene Stargate campus (Crusoe / Oracle / OpenAI) (under construction)
Sources: Crusoe — Crusoe Announces Flagship Abilene Data Center is Live, Epoch AI — OpenAI Stargate: where the US sites stand
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 22 Oct 2026 Data Centre
Crusoe signs on for Polar DC's upcoming 40MW data center in Norway
Will be located at Polar's Tørdal campus
DatacenterDynamics
- 9 Oct 2026 NeoCloud
Crusoe Pledges $50M in Compute Credits to White House AI Science Initiative
WASHINGTON, Oct. 8, 2026 — Crusoe today announced a $50 million commitment in high-performance AI compute credits over three years to support the Genesis Mission Consortium. Crusoe Co-Founder and CEO Chase Lochmiller announced the pledge at the White House Science: A New Golden Age Summit alongside federal science…
HPCwire
- 2 Oct 2026 Data Centre
Crusoe files for $4.8bn data center campus in Jayton, Texas
Will feature two data centers, likely connected to project in Childress
DatacenterDynamics
- 29 Sept 2026 Data Centre
Crusoe named developer of Google’s Armstrong County data center campus
Crusoe, a company building AI factories, has announced that it is the developer of Google’s new data center campus being built in Armstrong County outside of Amarillo, Texas. The campus is Crusoe’s latest in West Texas, joining two others under development in Abilene. Construction of the data center campus began in…
W.Media