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About Crusoe Energy
Crusoe started by using stranded oilfield gas to power modular data centers for bitcoin mining, then pivoted fully to vertically integrated AI factories: its own power, buildings, cloud and inference. It addresses wasted gas emissions and AI compute shortages through compute hosting and data-center leasing, packaging energy, land and hardware into leasable compute capacity for large-model training and inference clients.
Crusoe's AI-factory model is asset-heavy and capital-intensive, with expansion hinging on long-term leases from a few large-model clients and power delivery; the shift from mining to leasing is fairly clear, but lease-performance risk, energy price swings and customer concentration remain the key variables for the sustainability of its expansion.
Crusoe was founded in Denver in 2018 by Chase Lochmiller and Cully Cavness, using Digital Flare Mitigation to turn stranded oilfield gas into power for modular data centers, initially for bitcoin mining.
It raised a $128 million Series B in April 2021 and a $505 million Series C in April 2022 at a $1.8 billion valuation; a $600 million Series D in December 2024 brought in NVIDIA at $2.8 billion.
In March 2025 it sold its bitcoin mining business to NYDIG and divested flare mitigation during the year, pivoting fully to vertically integrated AI factories: its own power, buildings, cloud and inference.
On September 30, 2025 phase one of the 1.2 GW Abilene Stargate campus went live less than 12 months after groundbreaking; in October it closed a $1.375 billion Series E above a $10 billion valuation.
On September 17, 2026 it raised a $3.9 billion Series F co-led by Atreides, Mubadala and Valor, with NVIDIA, GIC and QIA joining at a $30.9 billion post-money valuation, more than triple in ten months.
Crusoe says contracted value exceeds $140 billion, secured capacity tops 6 GW and cloud bookings are up 20x year over year, and it has hired Goldman Sachs and Morgan Stanley to evaluate an IPO.
On September 17, 2026 Crusoe closed a $3.9 billion Series F at a $30.9 billion post-money valuation, co-led by Atreides Management, Mubadala Capital and Valor Equity Partners with Nvidia, GIC, the Qatar Investment Authority and TPG participating, roughly tripling the $10 billion valuation of October 2025. Total equity raised is about $6.4 billion alongside roughly $1.9 billion of debt.
Crusoe Energy is being repriced from a miner-turned-cloud into a power developer: three revenue lines - 15-year triple-net leases to hyperscalers, per-GPU-hour cloud, and factory-built Spark modules delivered in three months - supply duration, margin and speed respectively. The real moat is bypassing four-to-seven-year grid queues by siting turbines at the gas source, and the $700 million Neuberger facility announced on 22 October pre-funds long-lead generation equipment; a 352,000-square-foot Spark factory in Colorado internalises construction. With Microsoft, Google, Oracle and OpenAI's Stargate as customers, execution and leverage across several gigawatt campuses are the next test.
Chase Lochmiller, Co-founder, CEO and Chairman of the Board, holds mathematics and physics degrees from MIT and a Stanford CS master's focused on AI, was a general partner at Polychain Capital and a quant trader at Jump Trading and GETCO, and founded Crusoe in 2018.
Cully Cavness, Co-founder, President and Chief Strategy Officer, holds a geology degree from Middlebury College and an MBA from Oxford, was VP of Finance at Highlands Natural Resources and an energy investment banker at Petrie Partners, and co-founded Crusoe in 2018.
Michael Gordon, Chief Operating Officer and Chief Financial Officer, came up through financial management of infrastructure and energy projects and now runs operations and capital structure.
Nitin Perumbeti, Chief Technology Officer, came up through large-scale distributed systems and cloud infrastructure engineering and now owns Crusoe Cloud and the AI compute stack.
Jamey Seely, Chief Legal Officer, came up through energy and corporate legal compliance and now handles global legal affairs and regulatory compliance.