An AI cloud infrastructure company that builds and operates data centers powered by stranded or underutilized energy (such as flared natural gas) to deliver GPU compute for AI and high-performance-computing workloads.
Named as a constituent of Morningstar PitchBook Global Unicorn, Morningstar PitchBook US Unicorn 100, Morningstar PitchBook Global Artificial Intelligence Unicorn, Hiive50 Index and Forge Accuidity Private Market Index — a fact about those indexes, not an endorsement.
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Funding roundsSecondary market price
Valuation tripled in under a year (Oct 2025 to Sep 2026), accelerated by a 5-year $13B GPU compute agreement with Jane Street. Building data centers for OpenAI's Stargate project. Claims that Crusoe filed an S-1 in February 2026 do not hold up: no SEC EDGAR filing exists and no tier-1 outlet corroborates one; they trace to low-quality IPO-tracker sites, one of which implausibly lists Crusoe's IPO as already 'complete.' Crusoe is in early, informal talks with Goldman Sachs, JPMorgan, Morgan Stanley, and Bank of America about a possible future listing (Axios, Aug 17 2026), but no lead bank, size, valuation, or date has been set -- the company remains private and just closed the Series F above.
Low: Revelio Labs, Mar 2026. High: Tracxn, Jul 2026.
As of 2026-09-13 · live via ashby's public job board · ≈25.4% of the 1,273–1,647 estimated team
+70 more roles across 10 other teams.
See all open roles at Crusoe →Crusoe began by putting gas processing, generators and modular data centers on oil-well pads so that gas that would otherwise be flared powered computing on site. In 2025 NYDIG agreed to acquire that business with the bitcoin-mining operation. Crusoe launched Crusoe Cloud in 2022, has built a large data-center campus in Abilene, Texas since 2024, and in 2025 announced a campus in Wyoming with Tallgrass.
| Date | Type | What |
|---|---|---|
| Sep 17, 2026 | Milestone | Crusoe said it had 1 GW of capacity operating and more than 6 GW contracted |
| Sep 30, 2025 | Milestone | Crusoe announced the first two Abilene buildings, supporting more than 200 MW of IT load, were running on Oracle Cloud Infrastructure |
| Aug 21, 2025 | Acquisition | Atero |
| Jul 24, 2025 | Milestone | Crusoe and Tallgrass announced a 1.8 GW campus in southeast Wyoming, which the company says is designed to scale to 10 GW |
| Jul 24, 2025 | Milestone | Crusoe sued Upstream Data in the Eastern District of Texas; dismissed with prejudice in October 2025 after Crusoe said the parties had settled |
| Mar 25, 2025 | Milestone | Crusoe and NYDIG announced NYDIG would acquire the bitcoin-mining operation, including Digital Flare Mitigation, subject to approvals |
| Mar 2025 | Milestone | Second Abilene phase begun, adding six buildings for a planned eight buildings and 1.2 GW |
| Jun 2024 | Milestone | Construction began at the Lancium Clean Campus in Abilene, Texas |
| Jun 14, 2023 | Patent filed | US 2024/0419230 A1 Data Center Power Management System |
| Mar 14, 2023 | Patent filed | US 2024/0370072 A1 Seaborne System for Mitigating Offshore Natural Gas Flaring |
| Nov 16, 2022 | Acquisition | Compute North LLC (11 data-center containers; Chapter 11 asset purchase) |
| Oct 12, 2022 | Acquisition | Great American Mining (operating assets) |
| Aug 2022 | Milestone | Crusoe asserted the patent family against Alkane Midstream in the District of Colorado; the case terminated in March 2023 |
| Jun 22, 2022 | Acquisition | Easter-Owens Electric Co. |
| 2022 | Milestone | Crusoe Cloud launched |
| Apr 2021 | Milestone | Fleet stood at 40 units in four states; it reached about 100 by June 2022 |
| Dec 8, 2020 | Milestone | US 10,862,307 and its continuation US 10,862,309 granted, from the Digital Flare Mitigation patent family with priority August 1, 2018 |
| Aug 1, 2018 | Patent filed | US 10,862,307 Systems and methods for generating and consuming power from natural gas |
| Aug 1, 2018 | Patent filed | US 10,862,309 Systems and methods for generating and consuming power from natural gas |
| Aug 1, 2018 | Patent filed | US 11,418,037 Systems and methods for generating and consuming power from natural gas |
| Aug 1, 2018 | Patent filed | US 12,095,269 Systems and methods for generating and consuming power from natural gas |
| 2018 | Milestone | Crusoe founded by Chase Lochmiller and Cully Cavness; first product Digital Flare Mitigation powers on-site computing with gas that would be flared |
Patents. The listed granted patents all belong to the 2018 well-site family behind Digital Flare Mitigation, the business NYDIG agreed to acquire; pending applications cover a data-center power-management system and a seaborne system for offshore flaring.
Crusoe Energy Systems was founded in 2018 by Chase Lochmiller and Cully Cavness. Its first product, Digital Flare Mitigation, put gas processing, generators and modular data centers on oil-well pads so that gas that would otherwise be flared powered computing on site. The patent family behind it claims priority to August 1, 2018: US 10,862,307 and its continuation US 10,862,309 were both granted on December 8, 2020, and further continuations followed in 2022 and 2024. Court records show Crusoe asserted the family twice as plaintiff: against Alkane Midstream in the District of Colorado (No. 1:22-cv-02142, filed August 2022, terminated March 2023) and against Upstream Data in the Eastern District of Texas (No. 2:25-cv-00743, filed July 24, 2025), dismissed with prejudice in October 2025 after Crusoe told the court the parties had settled. The fleet grew from 40 units in four states in April 2021 to about 100 by June 2022 and, by the company's count, more than 425 modular data centers (over 250 MW) across seven US states and Argentina by March 2025.
Crusoe integrated vertically through purchases. It acquired Easter-Owens Electric Co., a Denver manufacturer of modular data centers and electrical systems (announced June 22, 2022; price undisclosed); the operating assets of Great American Mining (October 12, 2022: over 10 MW of mining capacity and about 4,000 ASIC miners; price undisclosed); and eleven data-center containers from bankrupt Compute North for $1,547,000 in a court-approved sale in November 2022. It launched Crusoe Cloud in 2022. On March 25, 2025 Crusoe and NYDIG announced that NYDIG would acquire the bitcoin-mining operation, including the Digital Flare Mitigation business, over 270 MW of generation and about 135 employees, on undisclosed terms and subject to approvals; CNBC reported that Crusoe would hold an equity stake in the combined business. On August 21, 2025 it acquired Atero, a Tel Aviv company working on GPU management and memory optimization for AI workloads; the companies disclosed no price.
Since 2024 the company has built large data-center campuses. Construction at the Lancium Clean Campus in Abilene, Texas began in June 2024. Crusoe announced on September 30, 2025 that the first two buildings, about 980,000 sq ft supporting more than 200 MW of IT load, were running on Oracle Cloud Infrastructure, which DCD reported was for OpenAI. A second phase begun in March 2025 adds six buildings for a planned eight buildings and 1.2 GW, expected in mid-2026 as of DCD's September 2025 report; completion was not verified here. On July 24, 2025 Crusoe and Tallgrass announced a 1.8 GW campus in southeast Wyoming, which the company says is designed to scale to 10 GW. On September 17, 2026 Crusoe said it had 1 GW of capacity operating and more than 6 GW contracted.
Crusoe's listed granted patents all belong to the 2018 well-site family, the business NYDIG agreed to acquire. Pending applications cover a data-center power-management system that serves primary and secondary groups of power consumers (priority June 2023) and a seaborne system for offshore flaring (March 2023). No peer-reviewed papers by company authors were found.
Profile as of Sep 19, 2026.
| Round | Date | Valuation | Lead |
|---|---|---|---|
| Series F | 2026-09-08 | $30.0B+200% | Co-led by Atreides Management and Valor Equity Partners, with Mubadala Capital also participating |
| Series E | 2025-10-24 | $10.0B | Co-led by Mubadala Capital and Valor Equity Partners |
| Undisclosed round (SEC Form D) | 2024-11-06 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Undisclosed round (SEC Form D) | 2023-11-22 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Series C | 2022-06-02 | $1.8B | G2 Venture Partners (equity); SVB Capital, Sparkfund, and Generate Capital provided an additional credit facility bringing total new capital to $505M |
| Undisclosed round (SEC Form D) | 2021-04-13 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Undisclosed round (SEC Form D) | 2019-11-22 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
| Undisclosed round (SEC Form D) | 2019-03-01 | — | Not disclosed -- SEC Form D lists only the company's own officers/directors, not the investor(s) |
No upcoming rounds currently reported.
These are on the public record as giving exposure to Crusoe. Buying one means owning a stake in the vehicle, not in Crusoe, and the vehicle takes fees along the way.
| Vehicle | How you get exposure | Share of the vehicle | Who can buy |
|---|---|---|---|
| ARK Venture Fund Interval fund | Held directly | 2.27% of the fund | US investors, through brokers that carry the fund. Not exchange-traded. |
| T. Rowe Price Science and Technology Fund Open-end mutual fund | Held directly | 0.13% of the fund | US investors, through a broker or directly from the manager. |
On the public record means the vehicle exists in a regulatory filing or a public product document. It does not mean PrePost has vetted it, or checked that it suits you. What each of these really is, and what comes off your return, is in the instruments primer.
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| Status | S-1 Not Filed |
|---|---|
| Banks | In early, informal talks with Goldman Sachs, JPMorgan, Morgan Stanley, and Bank of America |
| Key hire | Michael Gordon -- former MongoDB COO/CFO who led its IPO -- hired as Crusoe's COO/CFO, announced Dec 11 2025 |
| Notes | No lead bank, size, valuation, or date has been set. A previously-circulated 'Feb 2026 S-1' claim does not hold up -- no SEC EDGAR filing found, no tier-1 corroboration. |
| Source | Axios Pro Climate Deals, Aug 17 2026; SEC EDGAR (no filing found); Crusoe newsroom and Bloomberg, Dec 11 2025 (Gordon hire) |
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