Crusoe noted that the expansion includes new Nvidia hardware, such as Nvidia DGX GB200 NVL72 systems and Blackwell GPUs
In sum – what to know:
$175M credit facility backs expansion – Crusoe secured financing from Victory Park Capital to grow its cloud capacity with advanced GPU hardware and cooling technology.
Iceland site powered by clean energy – The atNorth ICE02 data center operates fully on geothermal and hydro power, reinforcing a sustainability-focused approach to AI infrastructure.
Part of wider European push – The ICE02 expansion follows Crusoe’s broader strategy, including a recently announced data center in Norway, to serve customers across Europe and North America.
AI infrastructure provider Crusoe announced an expansion of Crusoe Cloud services at atNorth’s ICE02 data center in Iceland, the company said in a release.
The firm noted that the site runs entirely on geothermal and hydro power.
To support the move, the U.S. company secured a $175 million credit facility from Victory Park Capital (VPC), an alternative investment firm focused on private credit. The expansion includes new Nvidia hardware, such as Nvidia DGX GB200 NVL72 systems and Blackwell GPUs. Direct liquid-to-chip (DLC) cooling will also be deployed to improve performance and efficiency.
“Crusoe runs the infrastructure for intelligence. This credit facility from Victory Park Capital enables us to accelerate the deployment of the most advanced GPU hardware to meet the incredible demand we’re seeing from the market for Crusoe Cloud,” said Chase Lochmiller, co-founder and CEO at Crusoe. “Our partnership with atNorth allows us to leverage the abundant geothermal and hydroelectric power in Iceland to build energy-first AI infrastructure so that our customers can run their most demanding AI workloads on Crusoe Cloud.”
AtNorth CEO Eyjólfur Magnús Kristinsson, said: “The expansion of our ICE02 site will feature cutting-edge infrastructure and highly energy-efficient Direct liquid to chip (DLC) cooling technology. This aligns with both companies’ commitment to sustainability, and we are proud to support Crusoe on their path to decarbonize their workloads while delivering AI-ready solutions in an environmentally responsible way.”
The ICE02 expansion is part of the U.S. AI firm’s European strategy launched in late 2023. The Iceland site offers low-latency networks and redundant connectivity through multiple subsea cables, supporting customers in Europe and North America.
In June, Crusoe had announced a strategic partnership with Polar to establish Crusoe’s first data center presence in mainland Europe. The firm signed a contract for a 12 megawatt (MW) facility located in Norway, which will be powered entirely by 100% hydroelectric energy.
The Norwegian data center, expected to start operations later this year, adds to the copmpany’s presence in Europe which includes a data center in Iceland, powered 100% by renewable geothermal and hydroelectric energy.
The firm recently announced the acquisition of Israeli startup Atero, a company specializing in GPU management and memory optimization for artificial intelligence workloads.
The firm noted that the acquisition aims to strengthen Crusoe Cloud’s managed AI services, improve GPU efficiency, and establish Crusoe’s first Middle East office in Tel Aviv. Financial details of the transaction were not disclosed.
Crusoe is the lead developer of a $12 billion AI campus in Abilene, Texas, code-named Project Ludicrous, built for OpenAI and Oracle as part of the Stargate initiative unveiled by U.S. President Donald Trump in January this year.
Bloomberg recently reported that the firm is in talks to raise fresh capital at a valuation approaching $10 billion.
The report noted that the new round would underscore the scale of investment needed to support the rapid buildout of artificial intelligence infrastructure.
The AI infra firm is expected to raise around $1 billion through a mix of equity and debt, one source said, though the amount and valuation could still change, the report added.
