Crusoe
Overview
Crusoe Energy Systems, founded in 2018, is an innovative company focusing on transforming the utilization of energy resources for computing applications, particularly artificial intelligence (AI). Headquartered in Denver, Colorado, with additional offices globally, it offers energy-first AI infrastructure solutions that leverage clean and stranded energy sources to power AI workloads more efficiently. It was co-founded by Chase Lochmiller and Cully Cavness and has successfully raised over $2.5 billion from leading investors like Founders Fund, Fidelity, and NVIDIA.
Recent Developments
- August 21, 2025: Crusoe acquired Atero, enhancing its AI infrastructure capabilities and establishing its first Middle East office in Tel Aviv, expanding talent access and customer service capabilities in that region.
- July 24, 2025: Announced an AI data center in Wyoming backed by Tallgrass, expanding its infrastructure footprint.
- July 22, 2025: A significant agreement with GE Vernova to use aeroderivative gas turbines, further powering AI data centers.
- June 26, 2025: Partnered with Redwood Materials for a second-life battery deployment, leading innovation in sustainable energy storage for AI data centers.
- June 11, 2025: Secured a $750 million credit facility from Brookfield to develop energy-first AI infrastructure, underscoring its strategic financial positioning.
- May 21, 2025: Expansion into Abilene, Texas, in conjunction with Blue Owl Capital in a $15 billion joint venture for a comprehensive AI data center.
- March 25, 2025: Crusoe sold its Bitcoin mining division to NYDIG, refocusing corporate efforts on AI, a strategic pivot to harness the rising opportunities in AI infrastructure.
- December 2024: Raised $600 million in a Series D round, achieving a valuation of $2.8 billion, reflecting strong investor confidence in Crusoe’s model and potential.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2018 |
| Headquarters | Denver, Colorado, USA |
| Founders | Chase Lochmiller, Cully Cavness |
| Revenue | $276 million (2024) |
| Profits | Not publicly disclosed |
| Key Investors | Founders Fund, Fidelity, NVIDIA, Valor Equity Partners |
| Industry | Artificial Intelligence, Energy, Cloud Computing |
| Number of Employees | Approx. 750 |
Early History
Crusoe began its journey by addressing the environmental and energy inefficiencies associated with flaring gas, a by-product of oil production. This initially involved converting flared gas into electricity for digital currency mining, significantly reducing carbon emissions. Its early model proved scalable and financially viable, attracting venture funding. Lovcmiller and Cavness’s backgrounds in technology and energy were instrumental in refining Crusoe’s innovative business approach, elevating it from a fledgling venture to a key player in leveraging clean energy for computational processes.
Company Profile and Achievements
Crusoe has pioneered the vertically integrated AI cloud platform, enabling it to provide scalable, high-performance computing solutions powered by renewable energy. Its patented Digital Flare Mitigation® technology converts flare gas to energy, offering a sustainable solution to power-intensive computing tasks. Major achievements include:
- 2024: Expansion into Europe and major data center developments in Norway and Texas.
- 2023-2024: Development of AI-optimized data centers that significantly outperformed traditional models in cost and environmental impact.
- 2018-2023: Transition from a Bitcoin mining venture to a major AI infrastructure provider, driven by increased demand for eco-friendly computing solutions.
Current Operations and Market Position
Currently, Crusoe operates extensive AI data centers in multiple locations including the U.S., Europe, and the Middle East. It maintains a competitive edge through its vertically integrated platforms that combine renewable energy sourcing with advanced data center operations. As of 2025, the company is valued near $10 billion, reflecting its strong market positioning. Crusoe holds a significant share of the AI infrastructure market and is poised for further growth through strategic partnerships and technological advancements.
Conclusion
Crusoe Energy Systems has carved a niche in the AI and energy sectors, leveraging its unique approach to reduce emissions while boosting high-performance computing capabilities. Its strategic emphasis on sustainability positions it favorably in a future increasingly focused on environmental responsibility. With continued investment in clean energy solutions and pivotal partnerships, Crusoe is likely to remain at the forefront of AI infrastructure development, potentially leading the way in both technological and ecological innovation.