Crusoe Energy, a Stargate infrastructure partner, secured $750 million credit line for AI datacenter buildout and expansion.

Cloud infrastructure startup Crusoe has raised a $750 million credit line from Brookfield Asset Management, the company announced Wednesday. The funding supports Crusoe's work on OpenAI's Stargate data center project in Texas, with the new debt designated for data centers, Nvidia chips, and electrical and power generation infrastructure. CEO Chase Lochmiller emphasized the capital intensity of the business, stating: "We're in a very capex-heavy business, which requires having significant and very deep pools of capital to be able to build both what the world needs and what our customers are demanding from us."

Crusoe is collaborating on one of the largest artificial intelligence infrastructure hubs, which President Donald Trump announced in January. OpenAI and partners including Oracle plan to invest up to $500 billion to construct AI infrastructure over four years. The latest financing follows a $600 million funding round in December with participation from Fidelity, Mubadala, and Nvidia, as well as a $225 million credit line from Upper90 Capital Management announced in March. Last month, Crusoe, Blue Owl Capital, and Primary Digital Infrastructure disclosed the second phase of a $15 billion joint venture to develop a data center in Abilene, Texas, that will host 400,000 Nvidia graphics processing units.

Unlike competitors such as CoreWeave, Crusoe builds its own data centers rather than leasing them. Investors valued Crusoe at $2.8 billion in its December funding round. CoreWeave, which supplies OpenAI and Microsoft, announced a $650 million credit line last year and went public earlier this year, currently valued at approximately $71 billion, having almost quadrupled since its IPO. In May, CoreWeave reported financial results for the first time as a public company, revealing new business from Google and OpenAI alongside revenue growth of 420%, though its net loss more than doubled to about $315 million. Lochmiller noted: "Just kind of seeing how public markets reacting to that has been quite positive, and I think that's very encouraging to us in terms of the equity value of our business." He added, "A lot has happened since then."

Demand for OpenAI services remains strong, with the company announcing Monday that it reached $10 billion in annualized revenue when excluding one-time deals, up from $5.5 billion in 2024. Founded in 2018 and based in Denver with approximately 800 employees, Crusoe serves clients including the Massachusetts Institute of Technology, Together AI, and Windsurf. The company faces competition from major cloud providers such as Amazon as well as smaller players like Lambda and Nebius. In March, Crusoe announced that Nydig plans to acquire the startup's bitcoin mining business.