Crusoe becomes long-term NNN landlord

This shift turns Crusoe from a GPU reseller into a long duration infrastructure landlord with utility like cash flows. Instead of billing by the hour for compute that can churn, Crusoe can sign one tenant for a whole building for 15 years, collect base rent that steps up 3% annually, and push taxes, insurance, and maintenance onto the tenant under a triple net structure, which makes revenue steadier and operating costs lighter.1 2 3 4

• The Abilene project shows what this looks like in practice. Two buildings were built to suit Oracle, rent started on March 18, 2025 for building 1 and July 1, 2025 for building 2, the lease runs 15 years from commencement, and first year base rent is $2.475M per data hall plus $297K for each building network core.2 3
• A triple net lease means the tenant covers maintenance, taxes, and insurance rather than the landlord. For Crusoe, that is important because it separates the volatile business of renting GPUs by the hour from a simpler real estate style revenue stream where the customer is effectively paying for reserved space, power, and shell capacity over a long term contract.4 1
• This also helps explain the strategic difference versus peers. Crusoe has argued that owning and building near cheap power is more capital intensive up front, but can pay back in 2 to 3 years with stronger long term economics, while co location and hybrid models used by Lambda and CoreWeave let rivals move faster but leave a larger share of costs sitting in ongoing lease payments.1 5 6

The likely end state is a blended model where Crusoe sells both raw AI factories and cloud compute on top. As more hyperscalers and labs need guaranteed megawatts, long dated leases and power contracts should make infrastructure revenue a bigger share of the mix, giving Crusoe a more durable base to layer storage, networking, and managed GPU services onto.1 3 5