Crusoe company profile: valuation, funding & revenue

This Crusoe company profile covers the company's valuation, revenue, funding rounds, investors and history. Crusoe works in AI infrastructure, with a focus on data centers and AI cloud. It was founded in 2018 and is headquartered in Denver, Colorado, United States. Its latest valuation on record is US$30.9 billion (post-money) (September 2026). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Crusoe timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2018 — Crusoe is founded in Denver by Chase Lochmiller (CEO) and Cully Cavness.
• Oct 2025 — Series E: US$1.38B, valuing the company at US$10B.
• Sep 2026 — Series F (initial close): US$3.9B anticipated, valuing the company at US$30.9B. Investors: Atreides Management, Mubadala Capital and Valor Equity Partners (co-leads); Founders Fund, GIC, Nvidia, QIA, Radical Ventures, TPG.

Investors

Overview

Crusoe builds and operates data centres designed for artificial intelligence, and rents out the computing power inside them. Its pitch is "energy-first" infrastructure: rather than building data centres where land is convenient and then searching for electricity, Crusoe goes where large amounts of power, often cheap or renewable, are available and builds there. It runs an AI cloud service, builds large campuses for big customers, and has introduced smaller modular "AI factories" that can be shipped to sites with spare power.

Chase Lochmiller, the CEO, and Cully Cavness founded Crusoe in 2018. Its first business was unusual: it captured natural gas that oil producers would otherwise burn off (a practice called flaring) and used it to generate electricity for computing on site, originally including bitcoin mining. As AI demand surged, Crusoe sold its bitcoin mining business and refocused entirely on AI infrastructure. It is based in Denver, Colorado.

What Crusoe does

• Large AI campuses: Crusoe developed the first phase of the huge data centre campus in Abilene, Texas, associated with the Stargate project involving OpenAI and Oracle, one of the largest AI computing sites in the world.
• Crusoe Cloud: rents Nvidia GPU capacity to AI companies and enterprises for training and running models.
• Modular AI factories: smaller, prefabricated data centres that can be deployed quickly near stranded power sources.
• Energy development: sourcing and building power, including renewables, gas with carbon management, and grid connections.

Why power is the bottleneck

Training and running large AI models consumes extraordinary amounts of electricity. A single large AI campus can need more than a gigawatt, comparable to a large power station. In many regions, connecting a new data centre to the grid can take years. Companies that can secure power quickly, or bring their own, can deliver computing capacity much faster than competitors. Crusoe's background in finding and using stranded energy gave it a head start in this race.

Business model

Crusoe earns money by leasing data centre capacity on long-term contracts to large customers, and by selling cloud computing by the hour or on reserved contracts. Building data centres requires enormous upfront investment in land, buildings, power infrastructure and chips. Much of that is financed with debt and project financing secured against long-term customer contracts, alongside equity. Crusoe doesn't publish revenue, so we show it as not disclosed.

Funding

Crusoe's valuation has risen quickly:

• October 2025, Series E: US$1.38 billion at a US$10 billion valuation.
• September 2026, Series F: an initial close of an anticipated US$3.9 billion round at a US$30.9 billion post-money valuation, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners, with Founders Fund, GIC, Nvidia, the Qatar Investment Authority, Radical Ventures and TPG.

That is roughly a threefold increase in eleven months. Reports also said Crusoe had met investment banks to discuss a potential IPO. Alongside equity, Crusoe has raised billions in debt and project financing to fund construction. Our guide to venture debt explains how debt financing works for growth companies.

Competition

Crusoe competes with hyperscale cloud providers (Amazon, Microsoft, Google, Oracle), with specialist AI clouds such as CoreWeave, Lambda and Nebius, and with data centre developers and operators. In Europe, companies like Nscale pursue similar strategies. Crusoe's advantages are its energy expertise, its experience building at very large scale and its relationships with major AI customers.

Crusoe in short

Crusoe is a Denver AI infrastructure company founded in 2018 by Chase Lochmiller and Cully Cavness. It builds energy-first AI data centres, including the first phase of the Abilene, Texas campus, and runs an AI cloud. It raised US$1.38 billion at US$10 billion in October 2025 and announced an initial close of a US$3.9 billion Series F at US$30.9 billion in September 2026.

Risks in AI infrastructure

• Customer concentration: a few large AI labs and cloud companies account for much of the demand; losing one could leave capacity idle.
• Technology change: chips become outdated quickly, so equipment bought today may be worth much less in a few years.
• Debt: heavy borrowing amplifies risk if demand or prices fall.
• Power and permits: local opposition, permitting delays and grid constraints can slow projects.
• An AI spending slowdown: if AI companies scale back their computing budgets, prices for capacity could fall sharply.

The environmental question

AI data centres' energy use has become a public issue, with concerns about emissions, water use and pressure on local electricity prices. Crusoe's origins in using flared gas, which reduces emissions compared with burning it off, and its emphasis on renewable and low-carbon power are part of its pitch. Critics note that any large new load increases overall energy demand. How companies source power, and whether they add new clean generation, will increasingly affect where they can build.

Questions for AI compute buyers

• When can capacity actually be delivered, and how firm is the power supply?
• Which GPU generations are available, and on what contract terms?
• What are the network, storage and support arrangements for large training jobs?

Financing data centres

A large AI campus can cost tens of billions of dollars once buildings, power systems, cooling and chips are included. No company funds that from equity alone. Developers like Crusoe typically sign long-term leases with creditworthy customers, then use those contracts to raise project financing, debt secured against the future rent. Equity funds the early stages and the company's own share. The approach lets builders grow quickly, but it ties their fortunes to the strength of their customers and to the level of interest rates.

Upcoming milestones

Watch the final close of the Series F, new campus announcements, customer contracts, IPO preparations and the growth of modular deployments.

Implications

AI companies may find specialist clouds faster to deliver capacity than hyperscalers. Energy producers with spare power have a new type of buyer. Investors should weigh rapid growth against heavy capital needs and customer concentration.

Latest developments (October 2026)

Since its September 2026 round at US$30.9 billion, Crusoe has been preparing for a possible listing: Axios reported in August that it had held preliminary IPO discussions with several banks, though no lead bank had been chosen, according to Channel Insider. The company reported about 4.9 gigawatts of contracted AI infrastructure capacity as of June 2026 and a pipeline of more than 40 gigawatts. See our AI cloud providers guide.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. TechCrunch
2. HPCwire