Crusoe

Crusoe (Crusoe Energy Systems) is a vertically integrated "AI factory company" that develops and operates gigawatt-scale, energy-first AI data centers. Founded in 2018 by Chase Lochmiller and Cully Cavness and headquartered in San Francisco with major operations in Denver, Crusoe began by capturing stranded and flared natural gas to power compute and has since become one of the fastest-growing AI infrastructure developers in the United States.

In October 2025 the company closed an oversubscribed $1.375 billion Series E at a $10 billion valuation, co-led by Valor Equity Partners and Mubadala Capital with participation from NVIDIA, Founders Fund, and Fidelity; by March 2026 it was reportedly raising a pre-IPO round at a step-up to that valuation. Crusoe's flagship project is the 1.2-gigawatt campus in Abilene, Texas — the first site of the Stargate program for OpenAI and Oracle, engineered to host up to roughly 400,000 NVIDIA GB200 GPUs — which secured about $11.6 billion in financing and brought its first phase online in September 2025.

The company's power pipeline has grown more than fourfold to over 45 gigawatts, including a newly announced 1.8-gigawatt campus in Wyoming. Crusoe serves AI labs, hyperscalers, and enterprises that need rapidly deployed, power-secured, NVIDIA-based training and inference capacity, positioning it as a leading independent builder of the physical layer of AI.