Stargate's Abilene flagship goes live as Crusoe stacks $15bn to finish it
The 1.2GW Texas campus runs on Oracle Cloud with first GB200 racks delivered; Crusoe's $1.38bn Series E funds the expansion as SoftBank completes its $41bn into OpenAI
Summary
Stargate's flagship in Abilene, Texas is operational: a ~1.2GW campus of 4m sq ft
running on Oracle Cloud Infrastructure, with Oracle delivering the first
Nvidia GB200 racks and early training/inference workloads under way; full completion is
expected mid-2026. Developer Crusoe raised a $1.38bn Series E ($10bn valuation) to fund
the expansion, bringing ~$15bn total to the Texas project. Oracle and Openai have
agreed to up to 4.5GW of additional Stargate capacity (>$300bn over five years), and
SoftBank has completed its $41bn investment into Openai. The financing is also the
fault line: Oracle's leverage and OpenAI's losses anchor the
circular-financing debate.
By the numbers
- ~1.2GW / ~4m sq ft, Abilene campus capacity and footprint.
- $1.38bn, Crusoe Series E (~$10bn valuation); ~$15bn total to the Texas project.
- 4.5GW / >$300bn, additional Oracle–OpenAI Stargate capacity / five-year value.
- $41bn, SoftBank investment completed into OpenAI.
Why it matters
Abilene is the proof-of-concept that the $500bn Stargate vision can pour concrete and run GPUs. The same deals that finance it, Oracle's debt-funded cloud build against OpenAI's loss-making commitments, are exactly what credit markets watch for the first crack.
What to watch
- Mid-2026 full-campus completion and GB200 ramp at Abilene.
- Oracle credit metrics (debt-to-equity, CDS spreads) as commitments grow.
- Whether the 4.5GW additional capacity gets sited and powered.