Stargate's Abilene flagship goes live as Crusoe stacks $15bn to finish it

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.