Upper90 closes $225M credit facility for Crusoe's AI cloud expansion.

Crusoe expands Cloud Artificial Intelligence (AI) platform to meet growing enterprise demand.

Upper90 Capital Management, LP, an asset-backed private credit firm, has announced the closing of a credit facility worth approximately $225 million for Crusoe, a provider of vertically integrated AI infrastructure. The investment is designated to enhance Crusoe Cloud, the company's cloud platform tailored for AI workloads.

The financing arrangement, led by Upper90 in collaboration with institutional partners like British Columbia Investment Management Corporation, FS Investments, King Street Capital Management, Liberty Mutual Investments, and ORIX USA, will fund the acquisition of NVIDIA GPUs and the necessary cloud infrastructure. This funding follows Crusoe's earlier announcement of a $600 million Series D round.

Chase Lochmiller, CEO and co-founder of Crusoe, stated, “This funding will fuel the expansion of Crusoe Cloud, our platform designed to simplify and accelerate AI development for every company. 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.”

Upper90 has been involved with Crusoe since providing an initial equipment loan in 2019 and supported the company through various growth stages, including its first Graphics Processing Unit (GPU) debt facility last year. Billy Libby, CEO and Co-Founder of Upper90, commented, “Crusoe is at the forefront of both AI cloud computing and sustainable energy solutions. We specialize in structuring financing for high-growth companies, and we’re proud to deepen our relationship with Crusoe.”