Crusoe Energy Systems, a Denver-based startup known for building sustainable data centers, has secured $11.6 billion in fresh debt and equity commitments to construct a massive AI data center in Texas. The facility, now under development in Abilene, will support OpenAI and is poised to become one of the largest AI-focused data centers in the world.
This marks the first phase of The Stargate Project, a $500 billion AI infrastructure initiative launched by OpenAI in collaboration with SoftBank, Oracle, and MGX. The Texas facility will serve as the core compute hub for OpenAI’s growing AI model training and inference workloads, as the company scales its offerings across industries.
The financing round saw contributions from Crusoe itself and investment firm Blue Owl Capital, according to The Wall Street Journal. Crusoe began construction last June after reaching a lease agreement with Oracle, which owns the site. OpenAI, in turn, will rent compute power from Oracle, effectively anchoring the facility’s purpose.
AI’s Power Needs Spark Record Data Center Investments
Crusoe has now raised $1.6 billion in total funding, backed by top venture firms including Founders Fund, G2 Venture Partners, and Bain Capital Ventures. While energy-efficient infrastructure remains a growing concern, Crusoe’s model—focused on pairing data centers with renewable energy and flared natural gas—offers a scalable solution for AI’s soaring power needs.
Despite the buzz around AI, funding for energy-related startups lagged in 2024. Global investment in the sector fell to its lowest level in four years, even as AI’s demand for compute power surged. This contrast highlights the gap between AI’s rapid infrastructure growth and the slower pace of clean energy innovation funding.
Meanwhile, OpenAI continues to attract record-breaking capital. The San Francisco-based company recently secured $40 billion from SoftBank in April, marking the largest venture funding deal in history. With $58 billion raised to date, OpenAI is now valued at $300 billion, trailing only SpaceX among private companies worldwide.
