Crusoe Energy expands cloud infrastructure capacity in Iceland to support AI compute workloads.
AI infrastructure provider Crusoe announced an expansion of Crusoe Cloud services at atNorth's ICE02 data center in Iceland. To support the move, Crusoe secured a $175 million credit facility from Victory Park Capital (VPC), an alternative investment firm focused on private credit. The expansion includes new Nvidia hardware, such as Nvidia DGX GB200 NVL72 systems and Blackwell GPUs, as well as Direct liquid-to-chip (DLC) cooling technology to improve performance and efficiency. The ICE02 site runs entirely on geothermal and hydro power.
Chase Lochmiller, co-founder and CEO at Crusoe, stated: "Crusoe runs the infrastructure for intelligence. This credit facility from Victory Park Capital enables us to accelerate the deployment of the most advanced GPU hardware to meet the incredible demand we're seeing from the market for Crusoe Cloud. Our partnership with atNorth allows us to leverage the abundant geothermal and hydroelectric power in Iceland to build energy-first AI infrastructure so that our customers can run their most demanding AI workloads on Crusoe Cloud." AtNorth CEO Eyjólfur Magnús Kristinsson added: "The expansion of our ICE02 site will feature cutting-edge infrastructure and highly energy-efficient Direct liquid to chip (DLC) cooling technology. This aligns with both companies' commitment to sustainability, and we are proud to support Crusoe on their path to decarbonize their workloads while delivering AI-ready solutions in an environmentally responsible way."
The ICE02 expansion is part of Crusoe's European strategy launched in late 2023, with the Iceland site offering low-latency networks and redundant connectivity through multiple subsea cables to support customers in Europe and North America. In June, Crusoe announced a strategic partnership with Polar to establish its first data center presence in mainland Europe, signing a contract for a 12 megawatt (MW) facility in Norway powered entirely by 100% hydroelectric energy, with operations expected to commence later this year. Additionally, Crusoe recently acquired Israeli startup Atero, specializing in GPU management and memory optimization for artificial intelligence workloads, aiming to strengthen Crusoe Cloud's managed AI services and improve GPU efficiency while establishing Crusoe's first Middle East office in Tel Aviv.
Crusoe is the lead developer of a $12 billion AI campus in Abilene, Texas, code-named Project Ludicrous, built for OpenAI and Oracle as part of the Stargate initiative unveiled by U.S. President Donald Trump in January this year. Bloomberg recently reported that Crusoe is in talks to raise fresh capital at a valuation approaching $10 billion, with expectations to raise around $1 billion through a mix of equity and debt, though the amount and valuation could still change.