Neuberger Specialty Finance, the asset-based lending arm of Neuberger, agreed on October 22, 2026, to lend Crusoe $700 million. The loan is secured by gas generators Crusoe ordered, not by data centres or GPUs. The Denver-based company builds and owns data centres rented to tenants including Microsoft, Google, Oracle, and OpenAI's Stargate initiative. The turbines sit on site, producing power next to the data centre rather than drawing from the grid. The deal follows a $3.9 billion Series F in September 2026 at a $30.9 billion post-money valuation. Neither company has said how many megawatts the loan buys. Crusoe also announced a partnership with Paraguay's Araico at the Itaipú Hydroelectric Dam. It targets a first phase in mid-2027, with a path to 106 MW of IT capacity.

Neoclouds, specialist providers that rent out GPU capacity for AI training and inference, have gone from unknown startups to listed companies with contracts worth billions of dollars. CoreWeave, Nebius and IREN lead the listed group; Lambda, Crusoe and Fluidstack remain private. Their shares fell hard in October 2026. CoreWeave dropped 29%, leaving it valued at about $34 billion against a 2025 peak of about $90 billion; Nebius fell 27% and IREN 32%. CoreWeave's unsecured debt yielded about 15%. On October 14, 2026, Gartner predicted that more than 80% of neocloud providers will stop operating independently by 2030. It also warned that more than $3.5 trillion of AI infrastructure spending could face impairment. Demand remains strong. CoreWeave co-founder Brannin McBee said nearly all of its 2027 capacity is sold.

Crusoe said its Crusoe Spark modular AI data centre platform will support NVIDIA's new DSX POD reference design, a blueprint for modular infrastructure built on the NVIDIA Vera Rubin Platform. The company announced the move in Denver on October 21, 2026. Crusoe has built modular data centres since 2020. It will mass produce Spark units at its 352,000-square-foot factory in Brighton, Colorado, and it unveiled Crusoe Spark Liquid, its sixth-generation unit designed for dense systems such as Vera Rubin NVL72. Crusoe says it can deliver AI capacity in as little as three months. Customers can use Vera Rubin capacity through Crusoe Cloud, deploy dedicated units via Crusoe Edge Zones, or add modular capacity to existing sites. "Modular isn't a new strategy or pivot for us," said Bryan Schramm, head of Spark.