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Crusoe Stock (CUES)
Crusoe is a vertically integrated AI infrastructure company that builds and operates data centers powered by energy sources.
Crusoe develops and operates high-performance data centers powered by stranded and clean energy sources.
About Crusoe Stock
Founded
2018
Headquarters
Denver, CO, US
Total Funding
6.8B
Industries
Hardware, Software, Data and Analytics
Crusoe is a vertically integrated AI infrastructure company that aims to develop data centers directly at sources of stranded and underutilized energy to mitigate power grid constraints. The company claims to manage the full deployment stack, encompassing power procurement, hardware integration, and data center operations. Through Crusoe Cloud, this specialized infrastructure is designed to deliver high-performance GPU clusters and managed inference services for large-scale AI workloads.
Crusoe Press Mentions
Stay in the know about the latest news on Crusoe
Meet the Data Center Builders Behind A.I.’s Next IPO Wave
observer • Sep 22, 2026
融资周报 | 加密数据公司Kaiko完成1.1亿美元融资；AI算力公司Crusoe完成39亿美元F轮融资
panewslab • Sep 21, 2026
Crusoe modular data centres target AI inference bottleneck
eenewseurope • Sep 21, 2026
Bain Capital Ventures lands $1.6B to back AI infrastructure, agents and physical AI
techfundingnews • Sep 20, 2026
Saudi's new unicorn, Tabby hits $6.5B valuation
fwdstart • Sep 19, 2026
Investors in Crusoe
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Crusoe Management
Leadership team at Crusoe
Co-Founder, CEO, & Chairman of the Board of Directors
Chase Lochmiller
Co-Founder, President & Chief Strategy Officer
Cully Cavness
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Crusoe Key Facts
- Landmark $3.9 Billion Series F Financing at a $30.9 Billion Valuation: Crusoe announced the initial closing of an oversubscribed $3.9 billion Series F funding round, tripling its post-money valuation to $30.9 billion in just 11 months (up from $10 billion during its Series E in October 2025). Co-led by Atreides Management, Mubadala Capital, and Valor Equity Partners—alongside strategic backing from NVIDIA, Founders Fund, GIC, Qatar Investment Authority, Radical Ventures, and TPG—this capital influx drastically strengthens Crusoe's balance sheet, confirming strong investor validation and providing liquid capital to fund gigawatt-scale AI infrastructure buildouts.
- Explosive Commercial Growth with Over $140 Billion in Contracted Pipeline: Crusoe’s Total Contracted Value (TCV) expanded to over $140 billion across its data center and cloud divisions, anchored by major enterprise capacity agreements including a landmark 5-year, $13 billion AI cloud infrastructure contract with Jane Street. Cloud bookings expanded more than 20x year-over-year, while its newly launched managed inference platform surpassed $100 million in contracted annual recurring revenue (ARR) in mid-2026, demonstrating rapid commercial monetization beyond pure infrastructure hosting.
- 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.
- 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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