$ESPRESSO
Fading QuicklySnapshot Window: 2026-07-20 14:00 UTC · ← Back to Crypto Overview
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Two childhood friends saw an oil field burning gas for nothing and built a $30 billion company out of it. Crusoe started in 2018 mining bitcoin with flared natural gas off North Dakota wellheads. Then it walked away from crypto entirely. Now it builds AI infrastructure and owns [Spoken audio]: In 2018, two childhood friends looked at an off-decoder oil field burning off natural gas for no reason and saw a power supply that nobody was using. They bolted mobile data centers onto the wellheads and mined Bitcoin with natural gas that would have been flayed into the sky. That company is now in talks to raise $3 billion at a $30 billion valuation. Pruso, co-founded by Chase Lockmiller and Kali Kavnes, has spent the last two years walking away from crypto entirely to go all in on AI infrastructure. Every hyperscaler on earth needs more compute, but GPUs are users without power, land, and the data center to put them in, and building all three of these normally takes years, while Crusoe owns the whole stack. Power generation, construction, the buildings, and the cloud software on top. No leasing pieces from someone else and hoping the site turns up on time. It's not a small operation anymore either. Crusoe has contracts to supply computing power to Meta, Oracle, Google, and Microsoft. It's running a 900 megawatt AI campus in Abilene, Texas, built to support Microsoft and open AI Stargate build-out. The company says it has another 4.9 gigawatts of capacity and a contract, and more than 40 gigawatts in its project pipeline. Prusos and talks to raise $3 billion at a $30 billion valuation, up from a $10 billion valuation in October 2025, according to Bloomberg. That's a nearly 3x markup in just nine months. The last confirmed round was a $1.38 billion series E, co-led by Valor Equity Partners and Mubadla Capital, with Nvidia, Fidelity and Tiger Global in the mix. No final terms or invasions have been disclosed on the new round yet, but the direction is clear, from stranded gas in an oil field to a $30 billion AI infrastructure company in just eight years. When it comes to all things Crusoe, you can get the news, the insights and the opportunity at wealth.xyz.
