Data center developer and AI energy infrastructure provider Crusoe Energy Systems is raising a new funding round at a valuation above the $10 billion mark it secured in October 2025. According to Axios Pro, the company is widely viewed as one of the top IPO candidates for 2026.
From Flared Gas to a $10B+ AI Infrastructure Powerhouse
Crusoe was founded in 2018 by Chase Lochmiller and Cully Cavness Sacra as a company that harnessed stranded natural gas from oil wells to power modular data centers. Originally focused on cryptocurrency mining, the startup launched its AI cloud business in 2022 and in March 2025 fully div EquityZenested its Bitcoin mining operation to NYDIG, repositioning itself as a pure-play AI cloud services provider.
The pivot paid off: Crusoe Cloud bookings grew fivefold in the first three quarters of 2025 compared to the prior year Crusoe.
A Rapid Rise in Valuation
Crusoe's trajectory from niche energy startup to $10B+ valuation has been remarkable. The company progressed through a $4.5 million seed round in 2019, a $30 million Series A led by Bain Capital Ventures, a $128 million Series B, and a $350 million Series C at a $1.75 billion valuation TSG Invest. In December 2024, Founders Fund led a $600 million Series D at a $2.8 billion valuation, with participation from NVIDIA Sacra.
The breakthrough came in October 2025, when Crusoe announced its $1.375 billion Series E at a valuation exceeding $10 billion, co-led by Valor Equity Partners and Mubadala Capital EquityZen. The round was oversubscribed. According to Axios, the current fundraise implies an even higher valuation.
Abilene, Stargate, and the Road to $2B in Revenue
Crusoe's flagship project is the construction of a 1.2-gigawatt data center campus for OpenAI in Abilene, Texas, with a price tag of $12 billion and a target completion date of mid-2026 SiliconANGLE. The company is also developing a 1.8-gigawatt campus in Wyoming Crusoe.
Revenue grew from approximately $276 million in 2024 to a projected $998 million in 2025, and is expected to surpass $2 billion by 2026 TSG Invest. The primary growth engine remains Crusoe's involvement in OpenAI's Stargate initiative.
On Track for an IPO
According to ION Analytics, the company has been in discussions with banks about a potential public listing ION Analytics. The appointment of Michael Gordon — a veteran executive who led MongoDB's 2017 IPO — as COO and CFO further signals preparation for the public markets.
Crusoe is part of the emerging "neocloud" cohort alongside CoreWeave, which went public in March 2025, and Lambda Labs, which is also preparing to list. CoreWeave's shares had surged more than 113% from their IPO price by late 2025 ION Analytics, fueling investor appetite for the sector.
Competitive Edge: Energy as the Foundation
What sets Crusoe apart from its rivals is deep vertical integration: the company sources its own power, designs and builds its data centers, and operates its own cloud platform. By leveraging stranded natural gas, Crusoe achieves energy costs 30–50% lower than traditional hyperscalers TSG Invest — a structural advantage in a market where energy accounts for over 60% of AI data center operating expenses.