How To Invest In Crusoe

By Jozef Soja, Frank Downing

Research Analyst

Jozef Soja joined ARK in January 2023. As an Analyst, he focuses on artificial intelligence, cloud computing, and software-as-a-service in support of ARK’s Next Generation Internet strategy.

Director of Research, Next Generation Internet

As Director of Research, Frank guides the research of the Next Generation Internet team. Frank's research focuses on cloud computing and cryptoassets.

Self-Directed Investors have historically had limited access to private companies like Crusoe before they go public. All US investors can download the SoFi or Titan app and, with as little as $500, invest in a portfolio of private and public companies through the ARK Venture Fund.

The race to build artificial intelligence infrastructure is constrained by access to power. The International Energy Agency (IEA) projects that global data center electricity consumption will reach ~945 terawatt-hours (TWh) by 2030, doubling 2024 levels.¹ Morgan Stanley estimates a 49-gigawatt (GW) power shortfall for US data centers by 2028.² Hyperscalers³ are spending aggressively on GPU clusters (large arrays of graphics processing units used to train and run AI models), yet they face rising electricity costs, grid interconnection delays stretching years, and limited control over their energy supply chains. Crusoe, a vertically integrated AI infrastructure company, is building its business at the intersection of these constraints, and ARK believes the company’s differentiated approach could redefine the cost structure of AI compute. 

By generating power behind the meter using low-cost natural gas, the company reduces reliance on the grid. Procuring stranded and associated natural gas (gas produced at remote wells where pipeline access is limited, often flared as waste) at $0.10 - $0.30 per thousand cubic feet (MCF), Crusoe produces electricity for under $0.01 per kilowatt-hour (kWh), a fraction of what hyperscalers pay through utility contracts. That energy cost advantage and vertical integration deliver cost advantages and faster time-to-market, while allowing Crusoe Cloud to offer NVIDIA H100 compute at a competitive $3.90 per GPU-hour. In an industry where energy represents a growing share of total cost of ownership, that structural cost decline is not a promotional claim but instead a testament to the arithmetic of vertically integrated power generation applied to compute-intensive workloads. 

Founded in 2018, Crusoe originally operated a Digital Flare Mitigation (DFM) business that converted wasted natural gas into useful compute for Bitcoin mining. In March 2025, the company sold that division to NYDIG and pivoted entirely to pure AI cloud infrastructure, a decision that clarified its capital allocation and sharpened its competitive positioning. The pivot coincided with rapid execution. Crusoe's Abilene campus in Texas brought Phase 1 online in September 2025 with NVIDIA GB200 racks⁴ and 200+ megawatts (MW) of on-site power from a combination of local renewable energy sources and gas turbine generation.⁵ Microsoft has committed to a dedicated 900 MW campus at the same site,⁶ and OpenAI's Stargate project is planned to expand to a 1.2 GW buildout.⁷ In Wyoming, Project Jade received approval in January 2026 for 1.8 GW of capacity.⁸ The company's energy pipeline exceeds 45 GW as of late 2025.⁹ 

Crusoe’s capital formation reflects that momentum. Its Series E round raised $1.375 billion at a valuation of $10 billion, led by Valor and Mubadala, with participation from NVIDIA, Fidelity, T. Rowe Price, and Tiger Global.¹⁰ The company secured $11.6 billion in project financing for Abilene alone.¹¹

We believe GPU cloud providers that control their own power supply are well positioned to capture meaningful share of AI compute spending as the market matures. Crusoe does not need to displace Amazon Web Services (AWS) or Azure; instead, we believe it must serve the marginal GPU-hour that hyperscalers cannot provision quickly or inexpensively enough. That marginal demand, driven by training runs, inference scaling, and enterprise AI adoption, has been expanding faster than grid-connected supply can follow. As ARK noted in our Q1 2025 Venture Fund update, AI compute infrastructure remains one of the fund's highest-conviction themes. 

Risks warrant acknowledgment. Customer concentration in OpenAI and Microsoft means that revenue depends on a small number of counterparties. Environmental scrutiny of natural gas-powered generation could create regulatory friction, particularly as Crusoe scales beyond Abilene. Over time, hyperscalers could build sufficient in-house capacity that reduces their reliance on independent providers. ARK weighs those risks against the structural demand signals and Crusoe's execution trajectory. 

In our view, Crusoe represents the convergence of cost declines in energy procurement, productivity gains in GPU utilization, and a platform shift in how AI compute is provisioned. ARK Venture Fund's investment in Crusoe reflects our conviction that the companies building the physical layer of AI infrastructure, particularly those that actively solve the problem of power constraint, are positioned to compound value through 2030 and beyond. 

Important Information 

We offer our view of Crusoe because it is part of the total ARK Venture Fund portfolio. To see the most updated portfolio, please visit, here. Holdings subject to change. Not a recommendation to buy, sell, or hold any specific security. 

BEFORE INVESTING YOU SHOULD CAREFULLY CONSIDER THE FUND'S INVESTMENT OBJECTIVES, RISKS, CHARGES AND EXPENSES. THIS AND OTHER INFORMATION IS IN THE PROSPECTUS, A COPY OF WHICH MAY BE OBTAINED HERE. PLEASE READ THE PROSPECTUS CAREFULLY BEFORE YOU INVEST. 

There is no assurance that the Fund will meet its investment objective. The value of your investment in the Fund, as well as the amount of return you receive on your investment in the Fund, may fluctuate significantly. You may lose part or all of your investment in the Fund or your investment may not perform as well as other similar investments. Therefore, you should consider carefully the risks at the bottom of this page before investing in the Fund. 

ARK Investment Management LLC is the investment adviser to the ARK Venture Fund. 

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