Crusoe secures $700 million financing facility for gas-powered AI data centers

Crusoe is financing the electricity supply for its AI buildout. On October 22, 2026, the AI infrastructure company and Neuberger Specialty Finance announced a $700 million facility to buy gas generators for Crusoe-built and Crusoe-owned data centers. The financing is secured by recently ordered power-generation equipment, rather than being an equity investment.

The generators are both the purchase and the collateral

The generators are intended to supply behind-the-meter power: electricity generated for the data centers on their side of the utility meter. Crusoe calls these facilities “AI factories.” The equipment serves two roles in the transaction—as the infrastructure the financing will buy and as the assets pledged to secure it.

Charlie Tudor, Crusoe’s director of capital markets, said NBSF structured the facility to help secure long-lead power-generation assets in line with development timelines. His stated priority is obtaining equipment that must be ordered well in advance, on a schedule that matches the company’s projects.

We see significant value in the power generation assets supporting Crusoe’s growth, especially as behind-the-meter power becomes increasingly important to the AI buildout.

Sean Hinze, managing director, Neuberger Specialty Finance

A specialized lender meets a large infrastructure pipeline

NBSF is Neuberger’s specialty finance and asset-based lending platform. According to the announcement, it manages more than $5 billion across over 50 portfolio companies. Hinze characterized the Crusoe transaction as flexible financing built around highly specialized assets, extending the platform’s work in digital infrastructure and power generation.

Crusoe said it has more than 6 gigawatts of gross AI infrastructure capacity under contract across its data centers and cloud platform. That combined figure measures commitments, not capacity already operating. The company named Microsoft, Google, Oracle and OpenAI’s Stargate initiative among the customers its infrastructure supports, without assigning this financing to a particular customer.

The facility finances equipment purchases, not completed deployment; the announcement gives no delivery dates for the generators.