NEW YORK, March 27, 2025 — Upper90 Capital Management, LP, an asset-backed private credit firm, announced today the closing of an approximately $225 million credit facility for Crusoe, a vertically integrated AI infrastructure provider. The investment will be used to support the expansion of Crusoe Cloud, the company’s scalable cloud platform purpose-built for enterprise AI workloads.
The financing, led by Upper90 and syndicated with institutional partners including British Columbia Investment Management Corporation, FS Investments, King Street Capital Management, Liberty Mutual Investments, and ORIX USA, will be used exclusively for the purchase of NVIDIA GPUs and supporting cloud infrastructure. This latest round builds on Crusoe’s momentum following its $600 million Series D funding announced in December.
“This funding will fuel the expansion of Crusoe Cloud, our platform designed to simplify and accelerate AI development for every company,” said Chase Lochmiller, CEO and co-founder of Crusoe. “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 is one of Crusoe’s earliest capital partners, providing Crusoe an initial equipment loan in 2019. Since then, Upper90 has supported Crusoe through its various stages of growth including providing Crusoe its first GPU debt facility in 2023. “Crusoe is at the forefront of both AI cloud computing and sustainable energy solutions,” said Billy Libby, CEO and Co-Founder of Upper90. “We specialize in structuring innovative financing for high-growth companies, and we’re proud to deepen our relationship with Crusoe.”
