Crusoe (CRUSOE)
AI-focused cloud and data center developer. Built the OpenAI Stargate Abilene campus; specializes in stranded-energy DC sites. Projects ~$2B revenue in 2026; preparing for IPO.
- Ticker: CRUSOE
- Sector: gpu cloud
- Market cap: $10B
Crusoe (CRUSOE) is a tracked supply-chain name in the data-center buildout in the gpu cloud sector. Market capitalization is $10B. Data Center Index tracks Crusoe's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
Crusoe data center thesis
Private AI cloud and DC developer specializing in stranded-energy sites, valued at ~$10B after a $1.375B Series E from Valor and Mubadala. Builds the OpenAI Stargate I campus in Abilene, TX (1,200 MW, 4M sq ft) and the 1,000 MW Goodnight Campus in Claude, TX (estimated $29B build cost). Projects ~$2B 2026 revenue and is preparing for IPO.
Bull case
- Stargate I in Abilene is 1,200 MW under OpenAI offtake; Crusoe is the construction arm of one of the most-watched DC projects in the AI era, and incremental Stargate phases give it first-look on the largest training cluster pipeline in the country.
- Stranded-energy DNA (originally turning gas-flare power into BTC mining) lets Crusoe site capacity where competitors can't permit; Goodnight Campus alone is a $29B commitment in a remote Texas market with bespoke power and water economics.
- Operates as a vertically-integrated developer + cloud + GC (own contractor), owns the EPC stack at a moment when general contractors are the bottleneck for hyperscale DC delivery in 2026 and 2027.
Bear case
- Sole anchor tenant on Stargate I is OpenAI; if the OpenAI training capex curve slows or restructures, Crusoe is left with 1.2 GW of bespoke, hyper-customized capacity that's hard to re-tenant to a more conservative buyer.
- Scaling against AWS/Azure/GCP plus pure-plays CRWV, NBIS, IREN with $50-100B in collective backlog; Crusoe's $2B 2026 revenue projection is a fraction of where the market is moving, and it has to keep raising primary capital to keep up.
- Stranded-energy economics depend on natural gas availability and ERCOT grid policy; any unexpected curtailment, fuel price spike, or Texas regulatory shift on flaring monetization undermines the unit-economic moat that justifies the buildout.
Tracked Crusoe data center projects
- OpenAI Stargate Abilene, 1.2 GW est., Abilene, TX · operational
- Crusoe Childress Campus, 1 GW, Childress County, TX · under construction
- Crusoe Abilene Expansion, 900 MW est., Abilene, TX · under construction
- Energy Vault Snyder AI Campus, 500 MW est., Scurry County, TX · under construction
- Crusoe Energy AI Cloud Data Centers (US), 100 MW est., Denver, CO · operational
- Monolith / Crusoe Hallam Data Center, 35 MW, Hallam, NE · announced
- Goodnight, Armstrong County, TX · under construction
- Goodnight, Armstrong County, TX · under construction