Crusoe Heads Into Latin America With a Paraguay AI Cloud and Expands in Norway

Crusoe, a U.S. AI infrastructure company, announced on October 22, 2026, that it will deploy its first dedicated AI cloud in Latin America with the developer Araico in Paraguay, powered by the Itaipú hydroelectric dam. A day earlier, Crusoe brought a 12 MW hydro-powered site in Norway online with Polar, agreed on a 40 MW second phase there and unveiled Spark Liquid, a new generation of its modular data centers.

What is Crusoe building in Paraguay?

An AI cloud next to the Itaipú substation, drawing on one of the largest hydroelectric sources in the world.

According to the Crusoe release, Araico leads local development and site infrastructure, while Crusoe manages, operates and delivers the compute. The first deployment is planned for mid-2027, with a path to 106 MW of IT capacity and long-term options for about 280 MW. The companies did not disclose the size of the investment. U.S. Deputy Secretary of State Christopher Landau said the project "has the potential to be the largest private foreign investment in Paraguayan history."

What is happening in Norway?

Crusoe Cloud is now running at Polar's DRA01 facility in Tørdal, and the partners plan a second, larger phase on the same campus.

As Polar announced on October 21, 2026, DRA01 provides 12 MW of IT capacity powered by 100% hydroelectric energy. The next phase, DRA02, will add 40 MW of liquid-cooled capacity, where Crusoe plans to deploy NVIDIA Vera Rubin NVL72 systems; it is expected to go live in late 2027.

What are Spark Liquid and NVIDIA DSX POD?

Both are about modular data centers: factory-built units that let Crusoe add compute quickly wherever power is available.

Spark Liquid is the sixth generation of Crusoe's modular AI factory. One unit supports up to 3.5 MW of compute, a fivefold increase in compute density over previous generations, and uses closed-loop liquid cooling that does not consume water. Production starts at Crusoe's Brighton factory in 2027. Crusoe also manufactures its own equipment in the U.S.: it plans 10 modular data centers in Texas and has opened a second plant in Tulsa.

On the same day, Crusoe announced support for NVIDIA DSX POD, a blueprint for modular infrastructure for the NVIDIA Vera Rubin platform. Crusoe has built and operated modular AI factories since 2020. Charlie Boyle, vice president of DGX Systems at NVIDIA, said that "partners like Crusoe are leading the way."

Why does it matter for Crusoe?

The new sites extend Crusoe's strategy of building compute where power is abundant, and they add to a large contracted backlog.

In a release on October 22, 2026, Crusoe said it has more than 6 GW of gross AI infrastructure capacity under contract across its data centers and cloud, with customers including Microsoft, Google, Oracle and OpenAI's Stargate initiative. The release, about a $700 million facility from Neuberger Specialty Finance for power equipment, also notes that the Series F round closed in September 2026 at a $30.9 billion post-money valuation. How the company got there is covered in our Crusoe valuation history.

What are the risks?

• Timelines. The Paraguay site, DRA02 and Spark Liquid production are all planned for 2027 and may slip.
• Plans, not capacity. 106 MW in Paraguay is a path to scale, 280 MW is a long-term option, and the investment amount was not disclosed.
• Capital. Each site needs large upfront spending, partly financed with debt.
• Contracts are not revenue. Capacity under contract is future work, not recognized revenue, and customers can change their plans.
• Liquidity. Crusoe is a private company, and its shares change hands only in private transactions; see how private market liquidity differs from the public market.

Disclosure: Crusoe is one of the companies available to investors on the AMCH platform, the publisher of this blog.