Stargate partner Crusoe lands $750 million credit line for AI buildout
Cloud infrastructure startup Crusoe, which is helping to build OpenAI's Stargate data center project in Texas, said Wednesday that it has raised a $750 million credit line from Brookfield Asset Management.
The new debt will go toward data centers, Nvidia chips and electrical and power generation infrastructure, Crusoe CEO Chase Lochmiller said in an interview.
"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," Lochmiller said.
Crusoe is collaborating on one of the largest hubs for running artificial intelligence models, which President Donald Trump announced in January. Over the course of four years, OpenAI and partners including Oracle plan to invest up to $500 billion to construct AI infrastructure.
In December, Crusoe touted $600 million in funding with participation from Fidelity, Mubadala and Nvidia. In March it announced a $225 million credit line from Upper90 Capital Management. 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 50,000 Nvidia graphics processing units.
Crusoe is following the lead of other cloud providers focused on AI. Last year CoreWeave, which supplies OpenAI and its partner Microsoft, announced a $650 million credit line, in addition to billions in debt. CoreWeave went public earlier this year, and is currently valued at about $71 billion, having almost quadrupled since its IPO.
Unlike CoreWeave, Crusoe builds its own data centers, rather than leasing. Investors valued Crusoe at $2.8 billion in the company's funding round announced in December.
"A lot has happened since then," Lochmiller said.
In May CoreWeave reported financial results for the first time as a public company, revealing new business from Google and OpenAI and revenue growth of 420%. The company's net loss more than doubled to about $315 million.
"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," Lochmiller said.
In addition to CoreWeave, Crusoe faces competition from top cloud providers such as Amazon and smaller players like Lambda and Nebius.
Demand for ChatGPT and other OpenAI services remains feverish. On Monday OpenAI said it had reached $10 billion in annualized revenue when excluding one-time deals, up from $5.5 billion in 2024.
Founded in 2018, Crusoe is based in Denver, with about 800 employees. Clients include the Massachusetts Institute of Technology, Together AI and Windsurf. In March, Crusoe said Nydig plans to acquire the startup's bitcoin mining business.
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