Latest news with #Crusoe
Bloomberg
5 days ago
- Business
- Bloomberg
Crusoe CEO on Building Stargate & Powering the AI Era
Chase Lochmiller, Co-Founder & CEO of Crusoe discusses building one of the largest clusters of artificial intelligence computing power on earth. Chase shares insights from the frontlines of the data center boom at OpenAI's $100 billion Stargate infrastructure venture with Bloomberg's Emily Chang at Bloomberg Tech in San Francisco. (Source: Bloomberg)
Time of India
6 days ago
- Business
- Time of India
Ex-Tesla executive signs letter of intent with Stargate's Crusoe
A startup founded by former Tesla Inc. executive Drew Baglino has signed letters of intent to sell technology designed to address the AI boom's biggest bottlenecks: aging infrastructure and a transformer shortage . Baglino, chief executive officer and founder of Heron Power Electronics Co., said his company has inked preliminary deals with firms including Crusoe , which is developing OpenAI's Stargate site. Traditional transformers, which adjust voltage levels, are essential for transmitting and distributing electricity to anything that requires power. A shortage of transformers globally has caused long project delays and stymied the buildout of cheap renewables, just as power demand has skyrocketed. Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Marataízes: Quanto vale a sua casa? Descubra agora! Valor da casa | Anúncios de pesquisa Saiba Mais Undo Heron Power's device eliminates the need of traditional transformers. The company's devices will be able to connect renewables, batteries and even data centers to the grid while also help stabilize energy flow. 'Using power electronics to modernize the medium voltage electrical stack is a critical solution to help Crusoe drive down costs and increase power efficiency in our AI factories,' Chase Lochmiller, Crusoe's cofounder and CEO, said in a statement late Tuesday. Live Events Baglino helped shape Tesla's powertrain, battery and energy product strategy. It's 'certainly possible' Heron will work with Tesla's own energy business in the future, he said in an interview on Bloomberg Television. Discover the stories of your interest Blockchain 5 Stories Cyber-safety 7 Stories Fintech 9 Stories E-comm 9 Stories ML 8 Stories Edtech 6 Stories Last year was 'the beginning of the energy storage wave, and I expect Tesla Energy to continue to grow quickly,' he said.
Yahoo
30-05-2025
- Business
- Yahoo
OpenAI Secures $11.6B For Texas Data Center Expansion, Reducing Microsoft Dependence
Crusoe secures $11.6 billion to build OpenAI's massive 1.2 gigawatt Abilene, Texas data center, part of the $500 billion Project Stargate. Oracle has signed a 15-year lease to anchor the Abilene data center. Crusoe's evolution from gas-powered crypto rigs to liquid-cooled AI supercenters captures the arc of next-gen computing. AI infrastructure startup Crusoe Energy Systems has secured $11.6 billion in funding commitments to build a massive data center in Abilene, Texas, designed to support OpenAI's expanding computing needs. The new funding round, backed by Blue Owl Capital's Real Assets platform and Primary Digital Infrastructure, brings total capital raised for the project to $15 billion, The Wall Street Journal reported. According to Crusoe, the facility marks a critical step in OpenAI's infrastructure strategy. Initially planned as a two-building campus, the project now spans eight buildings. It is expected to deliver 1.2 gigawatts of power capacity, making it one of the largest AI training hubs globally. Don't Miss: 'Scrolling To UBI' — Deloitte's #1 fastest-growing software company allows users to earn money on their phones. Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — According to the company, construction began last June, with the first two buildings—totaling 200 megawatts—expected to be energized in the first half of this year. A second phase, launched in March, will add six more buildings and is expected to be completed by mid-2026. The expansion comes amid growing demand for compute capacity as OpenAI develops increasingly advanced artificial intelligence models. Oracle Corp. (NYSE:ORCL) has signed a 15-year lease to occupy a significant portion of the Abilene campus, according to the Journal. While Microsoft Corp. (NASDAQ:MSFT) remains OpenAI's largest investor and retains exclusive application programming interface licensing rights, its role in the Abilene project is limited to that of a technology partner, without direct equity involvement. OpenAI has increasingly sought to diversify its infrastructure partnerships, citing concerns over Microsoft's ability to scale fast enough to meet its compute needs, the Journal reported. Meanwhile, JPMorgan Chase & Co. (NYSE:JPM) has committed over $7 billion to the data center project, building on a previous $2.3 billion investment, according to The Information. Trending: Invest where it hurts — and help millions heal:. The Abilene project is part of 'Project Stargate,' a $500 billion global AI infrastructure initiative launched in January by OpenAI, Oracle, SoftBank, and United Arab Emirates-based MGX, Forbes reported. The project aims to build a vast network of AI data centers over the next four years to support rapid model development and increase U.S. leadership in artificial intelligence. According to Crusoe, the buildings planned in Abilene are designed for industry-scale performance, with each capable of running up to 50,000 GB200 NVL72 chips from Nvidia Corp. (NASDAQ:NVDA) on a unified network fabric. Beyond scale, the Abilene campus is also a model for energy-conscious AI infrastructure. It incorporates direct-to-chip liquid cooling to manage thermal loads and partners with Lancium's Clean Campus program to integrate renewable energy sources, Crusoe said. Crusoe expects the project to create over 5,000 jobs and generate more than $1 billion in local economic impact over the next two in 2018, Denver-based Crusoe began as a company converting stranded natural gas into energy for crypto mining. In recent years, it has repositioned itself as a vertically integrated AI infrastructure provider, with a sharp focus on sustainable, high-density compute environments, according to Crunchbase. The company raised $600 million in Series D funding led by Founders Fund, with participation from Fidelity and Nvidia, bringing its valuation to $2.8 billion. The Abilene project represents Crusoe's most ambitious venture to date and positions it at the center of the rapidly expanding AI infrastructure race. Read Next: Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Image: Shutterstock UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? APPLE (AAPL): Free Stock Analysis Report TESLA (TSLA): Free Stock Analysis Report This article OpenAI Secures $11.6B For Texas Data Center Expansion, Reducing Microsoft Dependence originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-05-2025
- Business
- Yahoo
Newmark Facilitates $7.1 Billion Construction Loan to Develop AI Data Center
NEW YORK, May 22, 2025 /PRNewswire/ -- Newmark Group, Inc. (Nasdaq: NMRK) ("Newmark" or "the Company"), a leading commercial real estate advisor and service provider to large institutional investors, global corporations, and other owners and occupiers, announces the company arranged a $7.1 billion construction loan for Blue Owl Capital, Inc., Crusoe and Primary Digital Infrastructure. The loan, provided by a consortium led by J.P. Morgan, will fund the second phase of a $15 billion joint venture to fund a 1.2-gigawatt AI data center in Abilene, Texas. Newmark's Co-President of Global Debt & Structured Finance Jordan Roeschlaub, Vice Chairman Nick Scribani and Managing Director Ben Kroll arranged the funding, in collaboration with Head of Data Center Capital Markets Brent Mayo, Co-Head of U.S. Capital Markets Doug Harmon and Co-Head of Strategic Advisory Andrew Warin. "We are proud to advise on this landmark transaction between Crusoe, Blue Owl, and Primary Infrastructure, which represents a significant milestone in the evolution of sustainable digital infrastructure," said Roeschlaub. "This partnership not only validates Crusoe's innovative approach to energy and computing but also highlights the growing role of infrastructure capital in enabling next-generation technologies." "This funding solution represents a pivotal step forward in delivering next-generation digital infrastructure at a scale and speed that meets the demands of AI innovation," said Mayo. "Newmark played a critical role in structuring and securing the capital required to bring this transformative project to life, aligning innovative operators with long-term institutional partners." Under the terms of the joint venture, Crusoe in combination with funds managed by Blue Owl's Real Assets platform along with Primary Digital Infrastructure will jointly sponsor the construction of six new buildings, which will bring the center to eight buildings upon completion. Construction of the first phase, comprising two buildings and 200+ megawatts, began in June 2024 and is expected to be energized in the first half of 2025. Construction of the second phase, consisting of the six additional buildings and a total of 1.2 gigawatts, began in March 2025 and is expected to be energized in mid-2026, setting a new bar for the speed of delivery for greenfield, hyperscale digital infrastructure projects. Newmark also acted as strategic advisor on the first phase, securing both equity and debt financing. About Crusoe:Crusoe is on a mission to align the future of computing with the future of the climate. Crusoe provides a reliable, scalable, cost-effective, and environmentally friendly solution for AI infrastructure by harnessing large-scale clean energy, building AI-optimized data centers, and empowering builders to reach their AI potential. Crusoe is empowering the AI revolution. To learn more, visit About Blue Owl:Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives®.With $273 billion in assets under management as of March 31, 2025, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Assets. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital with over 1,200 experienced professionals globally, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit About Primary Digital InfrastructurePrimary Digital Infrastructure is an advisory and investment platform that accelerates the growth of hyperscaler and AI-driven data centers. Founded by industry pioneers Bill Stein, David Ferdman, Peter Hopper, and John Sheputis, Primary Digital Infrastructure provides flexible capital solutions to premier data center owners and operators—including recapitalizations, outright acquisitions, and forward takeouts. The firm empowers operators to unlock capital, fuel expansion, and meet the rising demand for next-generation digital infrastructure. To learn more, visit About NewmarkNewmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the twelve months ended March 31, 2025, Newmark generated revenues of over $2.8 billion. As of March 31, 2025, Newmark and its business partners together operated from 165 offices with approximately 8,100 professionals across four continents. To learn more, visit or follow @newmark. Discussion of Forward-Looking Statements about NewmarkStatements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K. View original content to download multimedia: SOURCE Newmark Group, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-05-2025
- Business
- Yahoo
Crusoe and partners begin second phase of $15bn AI data centre
AI infrastructure company Crusoe, Blue Owl Capital, and Primary Digital Infrastructure have launched the second phase of their $15bn joint venture (JV) to develop a 1.2GW AI data centre in Abilene, Texas. The JV involves Crusoe working alongside funds managed by Blue Owl's Real Assets platform and Primary Digital Infrastructure to construct six additional buildings at the site. Located at the Lancium Clean Campus, the data centre will consist of a total of eight buildings. The first phase of construction, which includes two buildings and more than 200MW of capacity, commenced in June 2024. It is anticipated to become operational in the first half of 2025. The second phase began in March 2025 and involves the construction of the remaining six buildings, collectively delivering the full 1.2GW capacity. This stage is expected to be operational by mid-2026. According to the Development Corporation of Abilene, the initial phase alone is projected to generate an economic impact of around $1bn over the next two decades. Crusoe CEO and co-founder Chase Lochmiller said: 'The foundation of artificial intelligence starts with energy and data centres. Crusoe is bringing these AI factories to life at an unmatched speed and scale that enables our customers to usher in a new era of AI driven abundance. 'Abilene will host one of the largest clusters of GPUs in the world, bringing thousands of jobs to the local community while delivering tens of billions of dollars in value to the economy.' The completed facility will support up to 50,000 NVIDIA GB200 NVL72s per building, all connected through a single integrated network fabric. This setup is intended to support advanced AI training and inference operations. Each building will employ direct-to-chip liquid cooling systems with zero-water evaporation technology, recycling water through a closed loop. Primary Digital Infrastructure executive managing director and chief investment officer Bill Stein said: 'The AI data centre at the Lancium Clean Campus represents exactly the kind of strategic infrastructure investment our platform was built for — future-ready, operator-aligned, and mission critical to fulfilling AI-driven compute demand. 'By partnering with forward-thinking operators like Crusoe and financial lenders like Blue Owl, we are collectively delivering vital capacity with the scale, speed, and sustainability required to fuel AI innovation. 'We are proud to be a part of such a groundbreaking initiative that will serve as a cornerstone for advancing AI in the US.' "Crusoe and partners begin second phase of $15bn AI data centre" was originally created and published by Verdict, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
