Credit · Tracked as filed as of 2026-07-02

Crusoe

CCIR tracks 10 instruments issued by Crusoe: credit facility. Every row traces to a primary document. Sizes are as filed and are not additive across the capital stack.

Capital stack by borrower

Which entity owes what, as filed. Facilities raised in a subsidiary sit on that subsidiary's assets; the parent's own paper sits beside them, senior to nothing below it.

Borrower	Instrument	Size $m	Rate
Crusoe (parent level)	Goldman Sachs loan, AMD backstop	300	6%
	Victory Park Capital facility	175	Undisclosed
	Brookfield credit facility	750	Undisclosed
	Upper90-led syndicated credit facility	225	Undisclosed
	SVB Capital / Sparkfund / Generate credit facilities	155	Undisclosed
	Upper90 project financing	40	Undisclosed
	Upper90 initial equipment loan	—	Undisclosed
Blue Owl / Crusoe / Primary Digital Abilene JV	Abilene Phase 2 construction loan	7,100	Undisclosed
	Abilene Phase 1 construction loan	2,300	Undisclosed
Crusoe Technologies LLC	First GPU debt facility	200	Undisclosed

Instruments

Goldman Sachs loan, AMD backstop

Credit facility $300m 6% Reported 2026-02-19/20

Seniority: Secured (AMD chips + equipment)
Maturity: Undisclosed
Collateral: AMD chips + equipment; AMD commits to lease back chips if customers lapse (vendor credit-enhancement backstop); Ohio DC built by 5C
Lenders: Goldman Sachs (arranger) · AMD (credit enhancement)
Pricing: ~6% press-reported; tenor undisclosed. Close unconfirmed — no company/lender release
Terms: ~$300M press-reported

Source: The Information; Reuters pickup · document

Victory Park Capital facility

Credit facility $175m Undisclosed Entered 2025-08-25

Seniority: Asset-backed in character
Maturity: Undisclosed
Collateral: Funds GB200 NVL72 at atNorth ICE02, Iceland
Lenders: Victory Park Capital (Janus Henderson affiliate)

Source: Crusoe newsroom · document

Brookfield credit facility

Credit facility $750m Undisclosed Entered 2025-06-11

Seniority: Corporate-level growth capital
Maturity: Undisclosed
Collateral: Collateral unspecified ("AI factories")
Lenders: Brookfield Asset Management (Infrastructure Debt); Eastdil advised

Source: Crusoe newsroom · document

Abilene Phase 2 construction loan

Credit facility $7,100m Undisclosed Entered 2025-05-22

Borrower: Blue Owl / Crusoe / Primary Digital Abilene JV (borrower — not Crusoe corporate)
Seniority: Project-level
Maturity: Undisclosed
Collateral: 6 more buildings → 1.2 GW campus
Lenders: J.P. Morgan-led consortium (others unnamed); Newmark arranged
Terms: Within $11.6B debt+equity phase-2 package; $15B JV

Source: Newmark release · document

Upper90-led syndicated credit facility

Credit facility $225m Undisclosed Entered 2025-03-27

Seniority: GPU-backed
Maturity: Undisclosed
Collateral: GPU-backed — proceeds exclusively for NVIDIA GPUs + cloud infrastructure
Lenders: Upper90 (lead) · BCI · FS Investments · King Street · Liberty Mutual Investments · ORIX USA

Source: Upper90 release + Crusoe newsroom · document

Abilene Phase 1 construction loan

Credit facility $2,300m Undisclosed Entered 2025-01-22

Borrower: Blue Owl / Crusoe / Primary Digital Abilene JV (borrower — not Crusoe corporate)
Seniority: Project-level construction loan
Maturity: Undisclosed
Collateral: 206 MW build-to-suit leased to Oracle (Stargate flagship)
Lenders: J.P. Morgan; Newmark arranged

Source: Newmark release · document

First GPU debt facility

Credit facility $200m Undisclosed Entered 2023-10-23

Borrower: Crusoe Technologies LLC (borrower)
Seniority: GPU asset-backed
Maturity: Undisclosed
Collateral: GPU asset-backed
Lenders: Upper90 (lead)

Source: Crusoe newsroom · document

SVB Capital / Sparkfund / Generate credit facilities

Credit facility $155m Undisclosed Entered 2022-04-21

Seniority: Equipment/project-level
Maturity: Undisclosed
Collateral: Energy systems
Lenders: SVB Capital · Sparkfund · Generate Capital
Terms: Up to $155M (expandable)

Source: Crusoe newsroom · document

Upper90 project financing

Credit facility $40m Undisclosed Entered 2021-04

Seniority: Project-level, non-dilutive
Maturity: Undisclosed
Collateral: Flare-mitigation systems
Lenders: Upper90

Source: Crusoe newsroom (Series B) · document

Upper90 initial equipment loan

Credit facility Undisclosed Entered 2019

Seniority: Equipment-secured
Maturity: Undisclosed
Collateral: Equipment (flare-gas era)
Lenders: Upper90
Terms: Undisclosed

Source: Upper90 release (disclosed 2025) · document

Collateral classes on this page: out, gpu, secured_undisclosed, landlord_spv. The full ledger, with every issuer and the derived credit series, is on Compute Credit.