Crusoe launches about $509M senior secured delayed-draw loan due 2030 for GPUs
- Raised
- $509M
- Place in VP50
- #10
- Sources
- 2
- Claims verified
- 7 of 8
What happened
Crusoe launched a senior secured delayed-draw term loan of about $509 million on September 10, 2026, according to Octus. The loan matures in November 2030. The borrower is IS AN03 LLC, with Crusoe Iceland III ehf as subsidiary guarantor and Crusoe Inc. as sponsor. Octus listed GS as the sole arranger and reported a lender call on September 10, with commitments due September 23. Octus named no lenders.
Price talk was S+475-500 bps with a 0.00% floor and an original issue discount of 98.5. Octus said the loan fully amortizes over the contract term, carries a 1.075x debt service coverage ratio covenant and has call protection of NC1, 102/101. Debt is sized by tranche to the lower of 75% loan-to-cost and 1.30x sculpted debt service coverage. Octus's headline said the loan finances GPU capital expenditures. PitchBook reported on October 16 that the loan was expected to fund GPU capital expenditures for a data center in Iceland subleased from atNorth. The sources read did not confirm a final close or final terms.
Key points
- Crusoe launched a senior secured delayed-draw term loan of about $509M due November 2030.1
- Price talk was S+475-500 bps with a 0.00% floor and an OID of 98.5; commitments were due September 23, 2026.1
- Debt is sized by tranche to the lower of 75% loan-to-cost and 1.30x sculpted DSCR, with a 1.075x DSCR covenant.1
- PitchBook said the loan was expected to fund GPU capex for an Iceland data center subleased from atNorth.2
Why it matters
The $509M is a secured loan to a project borrower, IS AN03 LLC, sponsored by Crusoe Inc., so it sets no new valuation mark for Crusoe's shares.
Sizing by loan-to-cost and debt service coverage ties the debt to the financed GPU deployment. Senior secured lenders sit ahead of equity holders in the capital structure.
The proceeds are tied to GPU capital expenditures, so Crusoe is funding compute capacity with debt rather than new equity. Final close and lenders were not confirmed in the sources read.
In context
| Round | Date | Post-money valuation | Raised | Led by |
|---|---|---|---|---|
| Series C | Apr 21, 2022 | $1.8B | $350M | G2 Venture Partners |
| Series D | Dec 12, 2024 | $2.8B | $600M | Founders Fund |
| Series F | Sep 17, 2026 | $31B | $3.9B | Atreides Management, Mubadala Capital, and Valor Equity Partners |
Updated
Fact-check
- Crusoe launched a senior secured delayed-draw term loan of about $509 million due November 2030, reported on September 10, 2026.Confirmed by [1] Octus, dated September 10, 2026: "~$509mm Senior Secured Term Loan", tenor November 2030.Verified
- The borrower is IS AN03 LLC, the subsidiary guarantor is Crusoe Iceland III ehf, the sponsor is Crusoe Inc. and GS is sole arranger.Confirmed by [1] Octus term sheet listing.Verified
- A lender call was held on September 10, 2026 and commitments were due September 23, 2026.Confirmed by [1] Octus: lender call Thursday, September 10, 2026; commitments due Wednesday, September 23, 2026.Verified
- Price talk was S+475-500 bps with a 0.00% floor and OID of 98.5.Confirmed by [1] Octus.Verified
- The loan fully amortizes over the contract term, has a 1.075x DSCR covenant and NC1, 102/101 call protection.Confirmed by [1] Octus.Verified
- Debt is sized by tranche to the lower of 75% LTC and 1.30x sculpted DSCR.Confirmed by [1] Octus.Verified
- The loan finances GPU capital expenditures.Confirmed by [1] Octus's headline, which says the DDTL is to finance GPU capital expenditures.Verified
- PitchBook reported on October 16, 2026 that the loan was expected to fund GPU capex for an Iceland data center subleased from atNorth.[2] PitchBook returned 403 to the checker; the claim rests on the writer's extract and the research notes. The Octus excerpt names Crusoe Iceland III ehf as guarantor but not atNorth.Partly verified
Sources
- [1]Octus (opens in a new tab)Primary: Crusoe Launches $509M Senior Secured DDTL Due November 2030Debt sized by tranche to the lower of 75% LTC and 1.30x sculpted DSCR
- [2]PitchBook (opens in a new tab)Leveraged loan market takes on AI infrastructure debtCrusoe's $509 million delayed-draw term loan is expected to fund GPU capital expenditures for a data center in Iceland, subleased from atNorth
