Crusoe Energy
ConvictionModerate
energy-first "AI factory" & GPU neocloud · vertically integrated power + data center + cloud
Revenue
~$998M projected FY2025company/Sacra est.); $276M FY2024 actual; $152M FY2023. FY2026 target ~$2B. Audited figures not public (private co.).Rev growth
~262% 2024→2025E$276M→~$998M); ~82% 2023→2024. Internal projections: ~$3.6B (2027), ~$5.5B (2028); ~105% CAGR 2023-2028 (company projections, unaudited).Gross margin
Not disclosed. Economics are capital/infrastructure-stylenot software: data centers modeled at ~3.7x MOIC on a 10-yr hold; reserved GPU instances priced up to ~81% below on-demand (Sacra). No public gross/operating/FCF margin.Op margin
Not disclosedCapex intensity
Not disclosedValuation
Last confirmed priced: >$10BSeries E, Oct 2025); pre-IPO round reportedly targeting $30B-$40B (Axios, Mar 2026, not confirmed closed). Prior: $2.8B Series D (2024).Valuation trail
$10B5.7× since Apr 2022
3 marks · Apr 2022–Oct 2025
private — no public price
Priced round
Priced primary rounds only; Seed/Series A/B valuations never disclosed (omitted). Series E is post-money on the initial close.
The read
Where our coverage leans
Coverage leans bullish
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Full financial intelligence for Crusoe Energy
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage Q2 2026 (Jun 2026)· sign in (free) for the analyst summary; Pro unlocks full intelligence