Crusoe — Data Center Energy · fobi

Crusoe

Crusoe converts stranded and flared natural gas into electricity for data centers and high-performance computing. $700M+ raised; pivoted from Bitcoin mining to AI compute infrastructure; operates modular data centers at oil and gas sites.

Pioneering energy-adjacent compute by monetizing waste methane and collocating AI training at energy sources.

crusoeenergy.com Data Center EnergyUSAprivate

At a glance

Total raised

$2.5B

last round series e

Headcount

501-1k

approximate · public range

Headquarters

Denver

USA

Founded

2018

8 years active

Status

Private

Data Center Energy

Latest valuation

$10B

Series E · 2025

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Date	Stage	Amount	Valuation	Lead investors
Oct 24, 2025	Series E	$1.4B	$10B	Valor Equity Partners, Mubadala Capital
Dec 16, 2024	Series D	$600M

AI bull / bear

Bull case

Crusoe owns a scarce moat: the right to monetize stranded energy at oil and gas wellheads. As AI training and inference demand explodes, the grid can't keep up — transmission queues are years long and power procurement is the bottleneck. Crusoe's modular data centers bypass that entirely by collocating compute directly with flare gas. The pivot from Bitcoin to AI was a capital-B brilliant timing move — the same modular, ruggedized infrastructure that mined bitcoin can host NVIDIA GPUs, but at 10x+ the revenue per MWh. With $700M+ raised and growing institutional appetite for "compute at the wellhead," Crusoe has first-mover lock on a defensible niche that hyperscalers can't easily replicate: they'd have to negotiate thousands of individual gas capture agreements with E&P operators. If AI model training remains energy-elastic (i.e., latency-tolerant batch jobs can run in remote locations), Crusoe can scale horizontally across the Permian, Bakken, and Marcellus basins, capturing billions of cubic feet of otherwise wasted gas as AI compute revenue.

Bear case

Crusoe's model is structurally capped by its own geography. Flared gas is abundant, but oil fields are far from fiber backbones and latency-sensitive AI workloads. The pivot from Bitcoin to AI masks a weakness: Bitcoin mining is perfectly latency-tolerant and interruptible; AI training demands consistent, high-bandwidth interconnect and reliable uptime. Crusoe's remote modular sites may struggle to deliver the low-latency GPU clusters that leading AI labs require. Meanwhile, hyperscalers are striking direct power purchase agreements with nuclear, geothermal, and solar+storage farms — clean, firm power at scale, not methane from a fracking pad. If regulatory pressure on flaring tightens (EPA methane rules), oil producers may simply cap wells or install gas capture equipment themselves, making Crusoe's feedstock disappear. And the competitive clock is ticking: traditional data center REITs and energy majors are eyeing this exact opportunity. Crusoe's $700M+ raised buys time, but not an unassailable position.

Generated by deepseek-v4-flash · June 2, 2026Refreshes quarterly · see disclosures

Crusoe

At a glance

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Funding history

How they make money

Founder backgrounds

Chase Lochmiller

Cully Cavness

AI bull / bear

In the news

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Leadership

Products

Crusoe Cloud (GPU IaaS)

Crusoe Spark Modular Data Centers

Power Peninsula Energy Platform

Open roles