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Crusoe

Energy-First Infrastructure for the AI Era

Artificial Intelligence

Investment Thesis

The Opportunity

The rapid growth of AI is straining existing power and data infrastructure. In parts of the U.S., new data centers can face waits of up to seven years to connect to the electric grid.1

The Solution

Crusoe develops AI data centers and the power infrastructure that supports them at the same time, helping bring new computing capacity online faster without relying solely on traditional grid expansion.2

Why We Invested

  • Surging Power Demand:

    Goldman Sachs Research projects global data center power demand could rise approximately 170% from 2025 to 2030 as AI infrastructure expands.1
  • Full-Stack Participation:

    Crusoe's business lines span the AI infrastructure value chain, from power and data center development to its own AI cloud platform, allowing it to potentially capture value at every stage. Crusoe reports more than $140 billion in contracted value.8
  • Energy-First Advantage:

    Crusoe's energy expertise and vertically integrated infrastructure model may help bring new AI capacity online faster. More than 6 GW of capacity is under contract, with over 1 GW already delivered and operating.8

Market Opportunity

Artificial intelligence is driving a major expansion of the physical infrastructure needed to support computing. Lawrence Berkeley National Laboratory estimates data centers could account for 11.8% of total U.S. electricity use by 2030. As demand grows, new power generation, grid capacity and computing infrastructure will be needed to support the next generation of AI.3

Company Overview

Founded in 2018 by Chase Lochmiller and Cully Cavness, longtime friends with backgrounds in energy and computing, Crusoe began with a simple idea: instead of wasting natural gas by flaring it at oil fields, use it to power computing. The approach paired an environmental problem with a growing technology need and became the foundation for Crusoe's energy-first approach to AI infrastructure. Today, Crusoe builds its own modular data centers, called Crusoe Spark, in U.S. factories, helping reduce on-site construction time.4, 9

Milestones

  • September 2026

    Raised $3.9B in Series F funding at a $30.9B post-money valuation8
  • September 2026

    Contracted capacity surpassed 6 GW, with over 1 GW delivered and operational8
  • March 2026

    New 900 MW campus supporting Microsoft announced, bringing planned Abilene footprint to ~2.1 GW5
  • October 2025

    Raised $1.375B in Series E funding at a valuation above $10B6
  • September 2025

    First phase of the OpenAI Stargate AI data center campus in Abilene became operational, delivered in under 12 months7

Accessing the Opportunity

Many artificial intelligence companies have the potential to generate significant value while remaining private. The Private Shares Fund gives RIAs and their clients exposure to late-stage private market companies with daily NAV pricing and no accreditation requirements.

How to Invest Explore the Portfolio

Crusoe News

This Month In Venture - September 2026

The Private Shares Fund, October 16, 2026

This Month in Venture – December 2025

The Private Shares Fund, January 15, 2026

New Portfolio Holding: Crusoe

The Private Shares Fund, December 1, 2025
Sources

1 Goldman Sachs Research, “The Outlook for Data Center Power Demand as AI Token Use Grows,” September 1, 2026.

2 Crusoe, “Welcome to the Era of ‘BYO Power,’” March 17, 2026.

3 Lawrence Berkeley National Laboratory, “United States Data Center Energy Usage Report: 2025 Update,” June 2026.

4 Crusoe, “Understanding the Problem Crusoe Solves,” accessed September 2026, Crusoe, “Crusoe: Climate Tech,” accessed September 2026.

5 Crusoe, “Crusoe Announces New 900 MW AI Factory Campus in Abilene, Texas to Support Microsoft AI Infrastructure,” March 27, 2026

6 Crusoe, “Crusoe, the AI Factory Company, Raising $1.375 Billion at a Valuation Above $10 Billion to Power the Future of AI Infrastructure,” October 24, 2025.

7 Crusoe, “Crusoe Announces Flagship Abilene Data Center Is Live,” September 30, 2025.

8 Crusoe, “Crusoe Raises $3.9 Billion Series F for its Vertically-Integrated AI Infrastructure Platform,” September 17, 2026

9 Crusoe, “Crusoe Announces New Manufacturing Facility to Produce Modular AI Factories,” March 12, 2026.

Private Shares Fund Top 10 Holdings  
As of 09/30/2026*

*Represents 53.13% of Fund holdings as of September 30, 2026. Holdings are subject to change. Not a recommendation to buy, sell, or hold any particular security. Current and future holdings are subject to risk. To view the Fund’s complete holdings, visit privatesharesfund.com/portfolio.

Explore the entire portfolio

Important Disclosure

Investors should consider the investment objectives, risks, charges and expenses carefully before investing. For a prospectus with this and other information about The Private Shares Fund (the "Fund"), please download here, or call 1-855-551-5510. Read the prospectus carefully before investing.

The investment minimums are $2,500 for the Class A Share and Class L Share, and $1,000,000 for the Institutional Share

Investment in the Fund involves substantial risk. The Fund is not suitable for investors who cannot bear the risk of loss of all or part of their investment. The Fund is appropriate only for investors who can tolerate a high degree of risk and do not require a liquid investment. The Fund has no history of public trading and investors should not expect to sell shares other than through the Fund's repurchase policy regardless of how the Fund performs. The Fund does not intend to list its shares on any exchange and does not expect a secondary market to develop.

All investing involves risk including the possible loss of principal. Shares in the Fund are highly illiquid, and can be sold by shareholders only in the quarterly repurchase program of the Fund which allows for up to 5% of the Fund's outstanding shares at NAV to be redeemed each quarter. Due to transfer restrictions and the illiquid nature of the Fund's investments, you may not be able to sell your shares when, or in the amount that, you desire. The Fund intends to primarily invest in securities of private, late-stage, venture-backed growth companies. There are significant potential risks relating to investing in such securities. Because most of the securities in which the Fund invests are not publicly traded, the Fund's investments will be valued by Liberty Street Advisors, Inc. (the "Investment Adviser") pursuant to fair valuation procedures and methodologies adopted by the Board of Trustees. While the Fund and the Investment Adviser will use good faith efforts to determine the fair value of the Fund's securities, value will be based on the parameters set forth by the prospectus. As a consequence, the value of the securities, and therefore the Fund's Net Asset Value (NAV), may vary.

There are significant potential risks associated with investing in venture capital and private equity-­backed companies with complex capital structures. The Fund focuses its investments in a limited number of securities, which could subject it to greater risk than that of a larger, more varied portfolio. There is a greater focus in technology securities that could adversely affect the Fund’s performance. The Fund's quarterly repurchase policy may require the Fund to liquidate portfolio holdings earlier than the Investment Adviser would otherwise do so and may also result in an increase in the Fund's expense ratio. Portfolio holdings of private companies that become publicly traded likely will be subject to more volatile market fluctuations than when private, and the Fund may not be able to sell shares at favorable prices, such companies frequently impose lock-ups that would prohibit the Fund from selling shares for a period of time after an initial public offering (IPO). Market prices of public securities held by the Fund may decline substantially before the Investment Adviser is able to sell the securities.

The Fund may invest in private securities utilizing special purpose vehicles ("SPV"s), private investment funds (“Private Funds”), private investments in public equity ("PIPE") transactions where the issuer is a special purpose acquisition company ("SPAC"), and profit sharing agreements. The Fund will bear its pro-rata portion of expenses on investments in SPVs, Private Funds, or similar investment structures and will have no direct claim against underlying portfolio companies. PIPE transactions involve price risk, market risk, expense risk, and the Fund may not be able to sell the securities due to lock-ups or restrictions. Profit sharing agreements may expose the Fund to certain risks, including that the agreements could reduce the gain the Fund otherwise would have achieved on its investment, may be difficult to value and may result in contractual disputes. Certain conflicts of interest involving the Fund and its affiliates could impact the Fund’s investment returns and limit the flexibility of its investment policies. This is not a complete enumeration of the Fund's risks. Please read the Fund prospectus for other risk factors related to the Fund.

The Fund may not be suitable for all investors. Investors are encouraged to consult with appropriate financial professionals before considering an investment in the Fund.

Companies that may be referenced on this website are privately-held companies. Shares of these privately-held companies do not trade on any national securities exchange, and there is no guarantee that the shares of these companies will ever be traded on any national securities exchange.

The Private Shares Fund is distributed by FORESIDE FUND SERVICES, LLC

Last updated: October 2026

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