What Lochmiller said in Dallas
Chase Lochmiller pushed back on the market's reaction to neoclouds, saying, "I do pretty firmly believe that a lot of this angst is overblown and is a bit of an overreaction." He also tipped his hat to a competitor: "I know CoreWeave has made some very good deals," adding, "They're in a pretty good position."
On demand, he described interest for Crusoe's services as "an overwhelming tidal wave of demand" that is both "deep and broad."
Where Crusoe fits in the AI buildout
Founded in 2018, Crusoe develops large data center projects and supplies AI computing, with contracts that span Meta Platforms Inc., Oracle Corp., and Alphabet Inc.'s Google. The company's track record spans marquee projects such as OpenAI's flagship facility and Oracle's Stargate project in Texas. Beyond construction, Crusoe has been selling AI cloud capacity, joining a new crop of neocloud providers formed to meet soaring enterprise AI demand.
Last month's raise brought in more than $3 billion and put Crusoe's valuation near $30 billion. Among its high-profile backers are Nvidia Corp. and Salesforce Inc.
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The pressure point: CoreWeave and financing fears
CoreWeave, another AI computing provider, now sits at the center of doubts about how long the AI infrastructure surge can last and about the substantial debt financing supporting it. Its bonds dropped to distressed territory this month, and its shares are down more than 30%.
Skepticism and a Texas setback
Despite the cash haul, some technology companies have questioned whether Crusoe can bring up and sustain very large, resource-hungry data centers, according to people familiar. Earlier this year in Abilene, Texas, Oracle and OpenAI decided against taking more capacity from Crusoe. Microsoft Corp. later took the space.
Why it matters for your portfolio
If Lochmiller is right and the selling is an overreaction, neocloud demand could keep underpinning compute suppliers even as financing jitters flare. But the Abilene episode is a reminder that execution risk sits next to growth in this buildout. The bottom line: watch who can lock in long-term workloads while navigating capital costs and construction timelines.
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