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Crusoe Energy Systems Stock (CUES)
Crusoe Energy Systems provides solutions for the energy industry helping them to reduce routine flaring of natural gas.
About Crusoe Energy Systems Stock
Founded
2018
Headquarters
Denver, CO, US
Total Funding
2.9B
Industries
Hardware, Software, Data and Analytics
Crusoe provides high-performance cloud computing solutions for artificial intelligence (AI) workloads, emphasizing sustainability by utilizing clean energy sources. They offer reliable GPUs, CPUs, networking, and storage for AI exploration, model training, and scalable inference, catering to individual innovators, development teams, and enterprises.
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Founded in 2018 by Chase Lochmiller and Cully Cavness, the company has dual headquarters in Denver, Colorado, and San Francisco, California, and operates in seven states and three countries. Â In October 2024, Crusoe announced a financing deal with Blue Owl Capital to construct a data center in Texas, set to be leased to Oracle for AI operations.Â
Crusoe Energy Systems Press Mentions
Stay in the know about the latest news on Crusoe Energy Systems
Fast-growing AI infrastructure startup Crusoe opens Bellevue office
bizjournals • Jan 16, 2026
North American Startup Funding Soared 46% In 2025, Driven By AI Boom
news • Jan 08, 2026
Crunchbase Predicts: 15 Companies That Could Go Public In 2026 As The IPO Market Gains Momentum
news • Jan 06, 2026
The most active corporate investors of 2025
globalventuring • Dec 31, 2025
10 of the biggest winners from 2025’s AI boom
pitchbook • Dec 25, 2025
Investors in Crusoe Energy Systems
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Crusoe Energy Systems Management
Leadership team at Crusoe Energy Systems
CEO & Co-Founder
Chase Lochmiller
Co-Founder, President & COO
Cully Cavness
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Crusoe Energy Systems Key Facts
- Central Role in Global "Stargate" AI Initiative: In early 2025, Crusoe emerged as the lead developer for the flagship site of the $500 billion Stargate project, a public-private partnership between OpenAI, Oracle, and SoftBank. In May 2025, the company secured an $11.6 billion financing package (including a $7.1 billion construction loan from JPMorgan) to develop a 1.2-gigawatt data center campus in Abilene, Texas. This facility, which became operational in late 2025, is designed to house one of the world's largest GPU clusters, featuring up to 400,000 NVIDIA GB200 units, positioning Crusoe as a vital infrastructure partner for frontier AI models.
- Explosive Valuation and "Pure-Play" AI Shift: In October 2025, Crusoe announced a $1.375 billion Series E funding round co-led by Valor Equity Partners and Mubadala Capital, skyrocketing its valuation to over $10 billion. This capital surge followed the March 2025 divestiture of its legacy Bitcoin mining and "Digital Flare Mitigation" business to NYDIG. By shedding its crypto assets, Crusoe successfully rebranded as a "pure-play" AI cloud services provider, leading to a 5x growth in Crusoe Cloud bookings within the first three quarters of 2025 compared to the previous year.
- Infrastructure Innovation and Edge Expansion: Crusoe has differentiated itself through vertical integration, manufacturing its own electrical switchgear and modular cooling systems to bypass industry-wide supply chain bottlenecks. This capability enabled the Abilene project to meet a record-setting 12-month delivery timeline. Furthermore, the company expanded its frontier in October 2025 through a partnership with Starcloud to launch a public cloud in space by 2027, utilizing orbital solar power to address terrestrial energy constraints. These initiatives have earned the company the "North American Data Center Project of the Year" for 2025.
- High Capital Intensity and Execution Risks: Crusoe is currently managing a massive 45-gigawatt development pipeline, including the flagship 1.2-gigawatt Stargate site in Abilene, Texas. This transition from modular, small-scale units to gigawatt-scale campuses requires billions in upfront capital and exposes the company to significant construction delays, cost overruns, and GPU supply chain constraints.
- Escalating Power Grid Scrutiny and "Co-location" Rules: Federal and state regulators are increasingly targeting the energy-intensive data center sector. In December 2025, FERC directed PJM and other grid operators to create new rules for "co-located" loads (data centers built next to power plants), which may result in higher transmission fees and stricter reliability requirements. Simultaneously, California and other jurisdictions are debating laws to shield residents from rising utility costs driven by AI expansion. For Crusoe, these shifting rules could erode the cost advantage of its vertically integrated model and introduce new "integration taxes" as utilities battle for grid control.
- Platform Competition from "Neo-Cloud" and Hyperscale Rivals: Crusoe is facing a "squeeze" between traditional hyperscalers (AWS, Azure) and a new cohort of specialized "Neo-Cloud" providers like CoreWeave and Lambda Labs. While Crusoe differentiates through its "energy-first" approach, competitors are aggressively scaling their own GPU clusters and hiring top engineering talent. Additionally, the settlement of a multi-year patent litigation with Upstream Data in November 2025 removes a legal distraction but highlights the maturing competitive field where intellectual property around "energy-to-compute" modularity is no longer an exclusive moat.
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