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Crusoe Energy is an energy-first AI infrastructure provider that delivers compute for AI training and inference through a vertically integrated model (self-owned power generation, data center design, and manufacturing). Core offerings include: GPU compute (NVIDIA/AMD) via the Crusoe Cloud platform on an on-demand or reserved basis; build-to-suit data centers leased to hyperscalers (e.g., the Stargate project for Oracle/OpenAI); and Crusoe Industries, which manufactures modular data centers and electrical components to accelerate deployment. Its mechanism advantage lies in siting data centers at low-cost or underutilized energy sources, self-building gas turbines and power distribution networks, and using modular manufacturing to shorten delivery cycles, thereby reducing lifecycle costs (where electricity can account for up to 60% of total spend).
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About Crusoe Energy
Crusoe Energy is a vertically integrated AI cloud provider that controls the entire stack from power generation to GPU cloud services. Its core business combines three layers: on-site natural gas power plants (including flare gas capture from oil fields), modular data center development, and a GPU cloud platform (Crusoe Cloud) selling compute by the hour. The key market pain point Crusoe solves is electricity scarcity and grid interconnection delays that block traditional data center buildouts for 3-5+ years. By generating power directly at the source, Crusoe bypasses utility queues and delivers AI compute capacity much faster. Its main differentiator is this vertical integration—owning power generation, data center infrastructure, and GPU cloud simultaneously. In the past six months (March 2026 to September 2026), Crusoe signed a $13 billion cloud services agreement with Jane Street, a major quantitative trading firm, covering long-term GPU capacity and data center services. The company's flagship Abilene campus in Texas reached full 1.2 GW operation in Q1 2026, serving as the anchor site for OpenAI's Stargate project. A notable risk: Crusoe faces extreme customer concentration, heavily dependent on OpenAI/Stargate-related workloads, and any cancellation or restructuring of those commitments would materially impact its business. Additionally, the massive capital intensity of building 4.5 GW of power and data center capacity creates significant financing pressure.
Crusoe Energy was founded in 2018. It initially developed Digital Flare Mitigation (DFM) technology to capture associated gas from oil fields and power Bitcoin mining, addressing gas flaring and establishing itself as a green-energy-computing pioneer.
In 2022, the company launched Crusoe Cloud, a high-performance computing platform, marking its shift from Bitcoin mining to AI cloud services with GPU clusters. By 2023, it fully pivoted to AI and large language model compute.
In June 2024, Crusoe announced a 1.2GW AI data center campus in Abilene, Texas, entering the hyperscale data center sector. In January 2025, this site became the anchor for the Stargate project backed by OpenAI, SoftBank, and Oracle, with Crusoe as lead developer.
In March 2025, Crusoe sold its Bitcoin mining and DFM business to NYDIG, completing its transformation into an AI infrastructure provider. Later that year, it raised approximately $1.375 billion at a valuation exceeding $10 billion, solidifying its role in AI energy infrastructure.
Over the past six months (2026-03-07 to 2026-09-07), Crusoe Energy announced major expansions: a 900 MW AI factory campus in Abilene, Texas, dedicated to Microsoft, with two buildings each delivering 336 MW of critical IT load, featuring behind-the-meter power and closed-loop liquid cooling. It also partnered with Lancium for a 1 GW AI data center campus in Childress, Texas, and with ON.energy to deploy 5 GW of AI UPS technology across multiple hyperscale campuses. Total contracted capacity reached 4.9 GW, with a development pipeline exceeding 40 GW. Future focus remains on vertically integrated energy-to-compute infrastructure, accelerating giga-scale AI factory delivery, and enhancing grid resilience through innovative power solutions.
Crusoe Energy was co-founded by Chase Lochmiller (CEO) and Cully Cavness (President & COO). Chase holds an MS in Computer Science from Stanford and a BS in Physics from MIT, with prior experience at Jump Trading, KCG Holdings, and Polychain Capital. Cully holds an MBA from Oxford and a BA in Geology from Middlebury, with prior roles in oil & gas, investment banking, and as CFO of Sword & Plough.