The Build-to-Suit 200+ MW AI Data Center
Capacity Developed by Crusoe is Located at Lancium Clean Campus
Site Abilene, Texas
Crusoe Energy Systems LLC (“Crusoe”), a vertically-integrated AI
infrastructure company, Blue Owl Capital Inc. (“Blue Owl”), a
leading alternative asset manager, and Primary Digital
Infrastructure, an advisory and investor firm focused in the data
center industry, announced today a $3.4 billion joint-venture to
fund purpose-built data center capacity at the previously announced
Lancium Clean Campus in Abilene, Texas. Under the terms of the
fully funded forward takeout, funds managed by Blue Owl’s Real
Estate platform and Primary Digital Infrastructure will jointly
sponsor the 206 MW 998,000 square foot data center being designed,
built, and operated by Crusoe.
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The Crusoe AI data center is a build-to-suit, two-building data
center constructed to industry leading efficiency and reliability
standards, and capable of supporting high energy density IT
applications. The project is 100% long-term leased to a Fortune 100
hyperscale tenant with occupancy expected to begin in 1H 2025.
Supported by Blue Owl’s investment and developed by Crusoe, the
project will incorporate an innovative DC design, sharpened to
support cutting edge AI workloads at an industry-leading scale. The
design will be optimized for direct-to-chip liquid cooling and will
also accommodate air cooling. At completion, the data center will
be able to operate up to 100,000 GPUs on a single integrated
network fabric, advancing the frontier of data center design and
scale for AI training and inference workloads.
“Rapidly expanding demand for purpose-built data centers proves
that markets know the future will be powered by AI,” said Chase
Lochmiller, CEO and co-founder of Crusoe. “We've designed this
data center to enable the largest clusters of GPUs in the world
that will drive new breakthroughs in AI. An investment of this
magnitude from a leading, trusted asset manager like Blue Owl and
Primary Digital Infrastructure is a reflection of Crusoe’s proven
ability to meet growing demand for AI compute, and to power these
workloads sustainably.”
“We are thrilled to be part of this joint venture as we see
continued growth in cloud computing and increased investor interest
in AI related technologies. We want to assist our corporate
partners by deploying meaningful capital in support of high quality
hyperscale data center assets across the US and abroad,” said
Marc Zahr, co-president and global head of real estate at Blue
Owl Capital.
“There is an unprecedented opportunity to deploy capital in the
data center market, which is expected to experience a one trillion
dollar investment boom over the next four to five years in the U.S.
alone. Our strategic vision is to ‘risk match’ this incremental
capital by purchasing the best stabilized assets from developers
and operators to allow them to recycle capital and finance their
cloud and AI facility developments,” said Bill Stein, executive
managing director and chief investment officer, Primary Digital
Infrastructure and current Crusoe advisor. “By partnering with
Blue Owl and Crusoe, Primary Digital Infrastructure is leveraging
its deep sector expertise to provide flexible capital solutions to
the largest AI data center opportunities in the US. In this
transaction, Primary Digital Infrastructure helped combine Blue
Owl’s extensive capital access and transactional expertise with
Crusoe’s ESG-forward track record as a developer and operator to
quickly and efficiently create one of the nation’s most advanced
data centers for energy dense AI workloads.”
The 200+ MW capacity will be delivered by Crusoe in 2025 on a
record-setting construction timeline. This speed is achieved
through Crusoe’s innovative design strategies and intimate
familiarity with the GPUs and other integral AI hardware that will
outfit the site.
The notional power plan for the site includes both on- and
off-site renewable resources, including surrounding wind
developments, and a potential future large-scale onsite solar
installation. The goal is to optimize existing renewable power
resources and incentivize new greenfield renewable power
development. The availability of low-carbon energy factored heavily
into site selection, as it is central to Crusoe’s climate-aligned
mission and energy-first approach to powering AI
infrastructure.
The project is expected to contribute nearly $1 billion to the
local economy over the next 20 years, as estimated by the
Development Corporation of Abilene, and will focus on local hiring,
creating almost a hundred local jobs. Combined with its limited
environmental impact due to the proposed use of renewable energy,
this project reflects Crusoe’s commitment to lead the industry in
sustainability and community stewardship.
Newmark served as advisor to the partnership.
About Crusoe Energy Systems LLC:
Crusoe is on a mission to align the future of computing with the
future of the climate. As builders and operators of clean computing
infrastructure, Crusoe reduces both the costs and the environmental
impact of the world’s expanding digital economy. By utilizing clean
sources of energy to power artificial intelligence, crypto, and
other high-performance computing applications, Crusoe is creating a
future of sustainable innovation.
To learn more, visit https://crusoe.ai/ and follow Crusoe on
Linkedin and X.
About Blue Owl Capital Inc:
Blue Owl (NYSE: OWL) is a leading asset manager that is
redefining alternatives.
With over $192 billion in assets under management as of June 30,
2024, we invest across three multi-strategy platforms: Credit, GP
Strategic Capital, and Real Estate. Anchored by a strong permanent
capital base, we provide businesses with private capital solutions
to drive long-term growth and offer institutional investors,
individual investors, and insurance companies differentiated
alternative investment opportunities that aim to deliver strong
performance, risk-adjusted returns, and capital preservation.
Together with over 820 experienced professionals, Blue Owl
brings the vision and discipline to create the exceptional. To
learn more, visit www.blueowl.com.
About Primary Digital Infrastructure
Primary Digital Infrastructure provides flexible, repeatable
financing solutions that allow data center operators to unlock
precious liquidity from existing assets and achieve their
development objectives. Primary Digital Infrastructure’s mission is
to ‘risk match’ this incremental capital by purchasing the best
stabilized assets from developers and operators to allow them to
recycle capital and finance their pipelines. Primary Digital
Infrastructure is dedicated to an operator-centric model that
allows the best data center developers and owners to recycle
capital with as little friction as possible. Established by
industry leaders Bill Stein, David Ferdman, Peter Hopper, and John
Sheputis, Primary Digital Infrastructure provides capital to
premier data center owners and operators through a range of
financial solutions including recapitalizations, outright
purchases, and forward takeouts. To learn more, visit
https://primaryinfra.com/.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20241015910376/en/
Media Contacts: Crusoe: Sara Axelrod Senior Director,
Public Affairs saxelrod@crusoeenergy.com Blue Owl: Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com Primary Digital Infrastructure: Carol
Hickins Public Relations press@primaryinfra.com
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