Crusoe Secures $225M Credit Facility from Upper90 to Expand AI Cloud Platform
Upper90 Capital Management, LP, a private credit firm focused on asset-backed lending, has announced the closing of a $225 million credit facility for Crusoe, the first vertically integrated infrastructure provider dedicated to AI. The funding is set to fuel the expansion of Crusoe Cloud, the company’s purpose-built platform for enterprise-level artificial intelligence workloads.
The credit facility was led by Upper90 and syndicated with several institutional investors, including the British Columbia Investment Management Corporation, FS Investments, King Street Capital Management, Liberty Mutual Investments, and ORIX USA.
Financing to Fuel GPU Purchases and Cloud Infrastructure
The new funding will be spent solely on buying NVIDIA GPUs and scaling out the supporting infrastructure for Crusoe Cloud, enabling the company to grow its services to serve significantly increasing demand from enterprise customers.
Chase Lochmiller, CEO and co-founder of Crusoe, said, “This funding will fuel the expansion of Crusoe Cloud, our platform designed to simplify and accelerate AI development for every company”
He added, “Our long-standing strategic relationship with Upper90 has been instrumental in helping Crusoe scale our technology to meet the incredible demand for Crusoe Cloud with enterprise customers."
Also read: Perplexity AI Seeks $500 Million to $1 Billion Funding
Billy Libby, the CEO and Co-Founder of Upper90, stated that Crusoe is leading the way in both AI cloud computing and sustainable energy solutions. He also mentioned that Upper90 specializes in structuring innovative financing for high-growth companies and expressed pride in strengthening their relationship with Crusoe.
Long-Term Partnership Supports Scalable Growth
Upper90 has been a foundational capital partner for Crusoe since 2019, when it provided an initial equipment loan. The firm also led Crusoe’s first GPU-specific debt facility in 2023, positioning it as a key supporter of its growth through multiple stages.
