Capital Expenditure & Funding Stack ($B)
CapEx: $7.23B | Debt: $4.70B | Equity: $2.53B
Annual Revenue vs. OpEx & Senior Debt Service ($M/yr)
Contract Duration: 7 Years
Underwriting Waterfall & Coverage Covenants
Base Year Normalized| Financial Underwriting Metric | Modeled Value | Unit / Covenant | Underwriting Notes & Provenance |
|---|---|---|---|
| Reported Company Valuation | $30.00B | Equity Value | TechCrunch Reported Implied valuation |
| Jane Street Compute Offtake Backlog | $13.00B | Total Contract | TechCrunch Reported Anchor client |
| Annual Contract Run-Rate Revenue | $1.86B | Annual Revenue | Equal straight-line amortization over term |
| Estimated Facility OpEx ($0.45M/MW) | $382.5M | Annual Expense | Power, security, thermal cooling, maintenance |
| Net Operating Income / Project EBITDA | $1,474.6M | 79.4% Margin | Cash flow available for debt service (CFADS) |
| Syndicated Project Debt Facility | $4.70B | 65.0% LTV / Gearing | Senior secured compute infrastructure notes |
| Annual Debt Service (P&I Amortization) | $676.4M | Annual Payment | 7.25% coupon fully amortizing over tenor |
| Debt Service Coverage Ratio (DSCR) | 2.18x | Covenant: ≥ 1.35x | Prudential infrastructure investment grade (≥1.40x) |
| Net Free Cash Flow to Equity (Post-Debt) | $798.2M | Annual Yield | Residual cash flow upstreamed to Crusoe corporate |
| Equity Sponsor Contribution Needed | $2.53B | 35.0% of CapEx | Funded via Crusoe's reported $3.0B equity raise |
Institutional Underwriting Memorandum & Valuation Synthesis
Copied to clipboard!
CRUSOE ENERGY SYSTEMS - PROJECT FINANCE UNDERWRITING MEMORANDUM
TRANSACTION: $3.0B Equity Raise at $30.0B Valuation & Jane Street $13.0B Compute Agreement
-----------------------------------------------------------------------------------------
1. CONTRACT OFF-TAKE DYNAMICS:
- Total Committed Compute Value: $13.00 Billion
- Modeled Tenor: 7.0 Years (Annual Run-Rate: $1,857.14M)
- Dedicated Facility Footprint: 850 MW at $8.50M CapEx/MW
- Total Project Capital Expenditure: $7,225.00 Million
2. CAPITAL STRUCTURE & GEARING:
- Senior Debt Financing (65.0% Gearing): $4,696.25 Million
- Required Equity Contribution: $2,528.75 Million
- Crusoe $3.0B Equity Raise Coverage: 118.6% of required sponsor equity
- Net Capital Surplus: $471.25 Million preserved for corporate operations / expansion
3. DEBT SERVICE COVENANTS & CASH FLOWS:
- Annual Project Operating Expenses: $382.50 Million
- Contracted Project EBITDA: $1,474.64 Million (79.4% EBITDA Margin)
- Annual Senior Debt Service: $676.36 Million
- Debt Service Coverage Ratio (DSCR): 2.18x (Requirement: >= 1.35x -> PASS)
- Net Cash Flow to Equity Sponsor: $798.28M per annum (Post-Debt Service)
-----------------------------------------------------------------------------------------
SOURCE EVIDENCE: TechCrunch report dated Sept 4, 2026 ($13B Jane Street Contract, $3B Round, $30B Valuation).