Denver-based Crusoe Energy Systems is in talks to raise over $1 billion at a valuation of around $10 billion. Last year, this clean energy startup was valued at $2.8 billion after raising $600 million funding round, backed by Peter Thiel’s Founders Fund, Nvidia, Fidelity, and others.
Crusoe converts stranded fuel into computing energy to power data centres, addressing energy inefficiency and environmental waste. Since its founding in 2018 by Chase Lochmiller (CEO) and Cully Cavness (COO), Crusoe has prevented over 22 billion cubic feet of natural gas from being flared, equivalent to taking 630,000 cars off the road annually.
Its Abilene facility is a nearly one-million square-foot data centre designed to host as many as 100,000 GPUs. The centre is projected to draw more than 1.2 gigawatts of clean energy, roughly equal to the consumption of several hundred thousand homes. This site forms a key part of the $500 billion Stargate project, for which Crusoe has secured $11.6 billion in debt and equity financing to support campus expansion and meet significant computing demand.
The company currently has more than 15 gigawatts of clean energy projects in development aimed at reducing methane emissions while supporting growing computing needs. Recently, Crusoe strengthened its technical capabilities through the acquisition of Atero, an Israeli firm specialising in GPU infrastructure management, for $150 million.
As demand for large-scale computing grows and concerns over carbon footprints mount, Crusoe’s funding round will serve as a test of its ability to scale sustainable data centre infrastructure on a global level.
