Crusoe Energy Systems LLC

Crusoe Energy Systems LLC develops, builds and operates data centers and cloud infrastructure for artificial intelligence workloads, siting capacity next to low-cost and otherwise stranded energy sources. The company was founded in 2018 by Chase Lochmiller, who serves as chief executive officer and chairman, and Cully Cavness, president and chief strategy officer, and is headquartered in Denver, Colorado. Crusoe began with Digital Flare Mitigation, converting natural gas that would otherwise be flared at oil wells into electricity for modular data centers, before shifting its focus to AI infrastructure.

The company's offerings span data center development, construction and operations, and Crusoe Cloud, a GPU cloud platform running NVIDIA hardware for AI training and inference. Its flagship project is a roughly 1.2-gigawatt, multi-building campus in Abilene, Texas, built through a joint venture with Blue Owl Capital and Primary Digital Infrastructure, which serves Oracle Cloud Infrastructure and OpenAI's Stargate program; the first buildings went live in 2025 running NVIDIA GB200 racks. In March 2025, Crusoe sold its bitcoin mining business to NYDIG to concentrate entirely on AI infrastructure.

Crusoe has raised roughly $2.8 billion across equity and debt rounds. It closed a $350 million Series C in 2022, a $600 million Series D in December 2024 at a $2.8 billion valuation led by Founders Fund, and a $1.375 billion Series E in October 2025 at a valuation above $10 billion, co-led by Valor Equity Partners and Mubadala Capital with participation from NVIDIA, Fidelity, Founders Fund and others. The company employs several hundred people across its Denver headquarters, regional offices and data center sites.