Denver-based Crusoe has secured an additional $11.6 billion in debt and equity financing to accelerate construction of its massive AI data center campus in Abilene, Texas. This latest funding brings the total capital committed to the project to approximately $15 billion.
The Abilene campus, originally announced with two initial buildings, will now expand to eight high-performance data halls, each designed to house up to 50,000 NVIDIA GB200 (Blackwell) GPU server nodes for training large-scale AI models. The project serves as the centerpiece of OpenAI’s ambitious $500 billion “Stargate” initiative—a partnership involving OpenAI, Oracle, and SoftBank—and is expected to play a central role in powering the next generation of generative AI workloads.
Crusoe, known for its pioneering use of stranded natural gas to power modular computing systems, is now applying that model at hyperscale. The Abilene facility is located on the Lancium Clean Campus, just south of the city, and spans roughly 800 acres with a planned electrical capacity of up to 1.2 gigawatts.
Read also: Former Homer City Plant to Become a $10 Billion AI Data Center Campus
Crusoe AI Data Center Campus in Abilene: Project Overview
Phase 1 (Initial Build): Two custom-designed data center buildings totaling approximately 980,000 square feet and 200 MW. Operations are expected to begin in early 2025.
Phase 2 (Newly Funded): Six additional buildings adding. Full buildout is projected for mid-2026.
Cooling Infrastructure: Direct-to-chip liquid cooling with closed-loop, zero-water-evaporation systems.
Per Building Capacity: Up to 50,000 NVIDIA Blackwell GPUs.
Recent $11.6 billion infusion
The recent $11.6 billion infusion represents part of a broader capital strategy that a multibillion-dollar joint venture between Crusoe, Blue Owl Capital, and Primary Digital Infrastructure backs. Blue Owl—whose Real Assets platform manages approximately $192 billion in AUM—is a lead investor, alongside Primary Digital, which focuses on data center real estate. In October 2024, the group announced a $3.4 billion build-to-suit agreement for Phase 1.
Earlier construction financing included a reported $2.3 billion loan from JPMorgan, part of a targeted $3.5 billion investment in the initial development.
While the data center is being built to support OpenAI’s computing needs, Crusoe’s direct customer is Oracle. As Crusoe CEO Chase Lochmiller clarified: “Our customer is Oracle. OpenAI is Oracle’s customer.” Oracle is reportedly under a long-term lease agreement—believed to span 15 years—for the facility’s initial capacity
Read also: Microsoft forced to Delay Major US$1 billion Data Center Expansion in Ohio
Crusoe Abilene AI Data Center Campus: Project Factsheet
Location: Lancium Clean Campus, south of Abilene, Texas
Total Site Area: ~800 acres
Primary Use Case: Large-scale AI model training and generative AI workloads
Development Phases
Phase 1 – Initial Build
Timeline: Operations expected early 2025
Capacity: 200 MW electrical capacity
Facility Size: ~980,000 square feet across two buildings
GPU Deployment: Up to 100,000 NVIDIA GB200 (Blackwell) GPU server nodes
Phase 2 – Expansion
Timeline: Full buildout projected mid-2026
Facility Addition: Six additional data halls
GPU Deployment: Up to 300,000 additional NVIDIA Blackwell GPUs
Total Campus: Eight high-performance data halls
Crusoe AI Data Center Campus in Abilene Technical Specifications
Cooling System: Direct-to-chip liquid cooling with closed-loop, zero-water-evaporation technology
Per Building Capacity: Up to 50,000 NVIDIA GB200 GPU server nodes
Power Infrastructure: Designed for hyperscale AI workloads with advanced power distribution
Connectivity: High-bandwidth networking optimized for distributed AI training
Total Project Capital
Current Commitment: ~$15 billion
Recent Funding Round: $11.6 billion (debt and equity)
Previous Funding: $3.4 billion (initial phases)
Timeline Milestones
October 2024: $3.4 billion build-to-suit agreement announced
Early 2025: Phase 1 operations commence
May 2025: $11.6 billion additional funding secured
Mid-2026: Full 8-building campus completion projected
Read also: Google Plans $10 Billion Data Center Campus in West Memphis, Arkansas
