The Projection — a symmetric watercolor butterfly

The Projection

The surface is never the system.

← Research · Q1

Crusoe Energy Systems (Abilene, TX campus JV — phase 2 expansion) (real-estate/infrastructure JV debt+equity (phase 2 expansion, unitemized split), 2025-05-21) → Crusoe

$11.6B — $11.6B additional debt+equity financing (unitemized), expanding Abilene from 2 to 8 buildings (1.2GW total)

high confidence · as of 2025-05-21T00:00:00Z · about Crusoe

$11.6B — $11.6B additional debt+equity financing (unitemized), expanding Abilene from 2 to 8 buildings (1.2GW total)

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the working

Basis

$11.6B — $11.6B additional debt+equity financing (unitemized), expanding Abilene from 2 to 8 buildings (1.2GW total)

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