Crusoe Raises $1.3B, Valued Near $10B

Crusoe Energy secured an oversubscribed Series E of roughly $1.3–1.38 billion led by Mubadala Capital and Valor Equity Partners, valuing the company at about $10 billion. The round included strategic investors such as Nvidia, Fidelity and Founders Fund and follows roughly $3.9 billion raised since Crusoe’s 2018 founding. Launched as a gas-to-compute bitcoin miner, Crusoe has pivoted to a vertically integrated “neocloud” that captures stranded natural gas and methane to power lower‑carbon GPU clusters while monetizing both compute and carbon mitigation. The company is building large campuses — notably a 1.2GW Abilene, Texas site for OpenAI and Oracle whose first phase went live in September 2025 — and says its development pipeline totals about 45GW, with additional projects in Wyoming and Alberta. Crusoe has also secured large debt facilities including a $10 billion structured debt agreement with Blue Owl to fund Abilene and is partnering with Starcloud to trial space‑based compute via a Starcloud‑1 satellite planned to launch in late 2026 with limited GPU capacity expected by early 2027.