Last week, Crusoe announced a raise of over $3 billion at a $30 billion valuation.

Ten months earlier, it raised at $10 billion, meaning the valuation tripled in under a year.

But most people may not be able to describe what Crusoe does.

USVC investors own a piece of it. Here’s why that matters.

We didn’t invest in Crusoe directly. We own our stake through a fund we invested in.

Buying into funds that already hold a company is one of a few ways we build positions in businesses that don’t always sell shares to new investors. The underlying fund got in, and we bought into the fund.

If Crusoe goes public, our evergreen structure means no forced exit. We can keep holding, or harvest into the liquid sleeve that supports our quarterly repurchase offers, at the Board’s discretion.

Crusoe builds and powers AI data centers. Think of them as the landlord and the utility for AI.

It started in 2018 burning flared natural gas at oil wells to mine bitcoin. Gas that would otherwise be wasted became cheap electricity.

In late 2024, they sold the mining business and pointed the underlying idea at AI: find cheap power and build compute on top of it.

Then they landed one of the biggest projects in the industry.

When OpenAI announced its $500 billion Stargate initiative, the first site was Abilene, Texas. Crusoe won the contract.

A 1.2 gigawatt campus, financed with $9.6 billion of debt led by JPMorgan and $5 billion of equity from Crusoe and Blue Owl, leased to Oracle for 15 years to run OpenAI’s models.

In March, Crusoe announced a second Abilene campus will be built next door: 900 megawatts for Microsoft, with its own on-site power plant.

For scale, CoreWeave, the largest public neocloud, reported just over 1 gigawatt of power operating across all its data centers in the first quarter.

The bottleneck in AI has moved from chips to power. Many providers can order GPUs. Few can get a gigawatt of electricity permitted, built, and connected.

Crusoe’s answer is to own the whole stack: the power plant, the building, and the cloud selling compute on top.

CoreWeave, by contrast, mostly rents space in other people’s data centers.

The numbers behind the bull case:

Then came Jane Street.

Bloomberg reported that Crusoe signed a five-year, $13 billion contract to supply Jane Street with GPUs and AI cloud infrastructure.

Jane Street is a trading firm. It has never sold an AI product. Instead, it committed $13 billion to compute, on top of a reported $6 billion cloud commitment and $1 billion equity stake in CoreWeave earlier this year.

We believe demand for dedicated AI compute may be spreading beyond model labs and hyperscalers into finance.

One contract works out to roughly $2.6 billion a year, more than double Crusoe’s entire projected 2025 revenue. It’s reportedly what pulled Atreides, Valor, and Mubadala into the recent round.

Crusoe is capital intensive and borrows heavily to build. Reported projections put its 2025 interest expense near $300 million.

Revenue is concentrated in a few anchor relationships. In June, Bloomberg reported Crusoe lost a planned Wyoming campus after failing to land an anchor tenant.

GPU rental prices have reportedly fallen from about $8 to $2 per hour since 2023. If compute becomes a commodity, margins compress.

A $30 billion valuation prices in capacity that still has to be permitted, powered, and filled.

Crusoe hasn’t filed publicly. But it reportedly engaged Goldman Sachs to explore a listing and hired MongoDB’s IPO-era CFO as its COO and CFO.

Today, there’s no ticker to buy Crusoe and many of the funds that hold Crusoe are closed to new investors.

USVC has exposure to Crusoe today, alongside Supbase (12.2%), Mercury (11.9%), Anthropic (0.6%) and more, through our registered fund open to U.S. investors from $500.

— Ankur

P.S. If you are looking for more individual exposure to companies like Crusoe, that's what USVC Select is for.

It’s our co-investment program for accredited investors who hold at least $250,000 in USVC (or another fund managed by AngelList Asset Management).

Applications are reviewed daily, but allocation in any given deal is limited and gone once it closes.

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