Crusoe
Energy-arbitrage neocloud. Started capturing flare gas to mine Bitcoin; pivoted entirely to AI. Now operates large-scale AI datacenters with novel power-sourcing thesis.
Chapters
00Start HereWhy Crusoe matters; what makes the model distinct.
01The CompanyFounding (2018), flare-gas thesis, the pivot from Bitcoin to AI.
02The Energy ModelStranded gas, flare capture, behind-the-meter siting; why energy is the moat.
03Datacenter BuildoutsPermian Basin sites, Wyoming, Iceland; capacity, scaling, partnerships.
04The OpenAI / Oracle Stargate ConnectionCrusoe's role in large-scale capacity buildouts for frontier model training.
05Product & CommercialCrusoe Cloud, reserved capacity, contract shapes, customer mix.
06Infrastructure & GPU MixWhat hardware Crusoe runs, at what scale, with what network.
07The ESG NarrativeCarbon-emissions calculus, methane offset claims, environmental criticism.
08Financial ShapeFunding history, valuation, revenue, capital structure.
09Competitive PositioningCrusoe vs hyperscalers, vs CoreWeave, vs other energy-led plays.
10OutlookWhere Crusoe goes from here.