The objection we expect
Why we start with mining, when Crusoe stopped.
Crusoe Energy pioneered exactly this model: containerised compute at the wellhead, converting flared gas into bitcoin. In March 2025 it sold that entire division and became an AI infrastructure company. Anyone doing serious diligence on us will know that, so we would rather raise it ourselves.
Why the same decision would be wrong here, today
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Crusoe exited into demand we do not have yet
It moved to AI because US hyperscaler demand was contracted, enormous and immediate. Nigeria has no equivalent queue of AI offtakers today. Exiting the flexible workload here would leave the power earning nothing.
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Mining is the only workload that tolerates our energy profile
Associated gas volumes fluctuate. A training run cannot be interrupted; a mining load can, in seconds. That makes mining the correct first workload for gas we have not yet proven at a constant rate.
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It funds the harder build
Revenue from a mining site underwrites AI capacity without requiring an anchor tenant to sign before construction.
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The hardware is not the sunk cost
The site, the power infrastructure and the modules are workload-agnostic. Transitioning a site from mining to AI is a rack-level change, not a rebuild.
What would change our mind
| Trigger | Our response |
|---|---|
| A creditworthy AI offtaker signs for capacity at a site | That site converts to AI/HPC as the primary workload; mining becomes the fill. |
| Hashprice falls below the level in the model | Sensitivity is published in the financial model. Below the floor, capacity is redeployed rather than run at a loss. |
| An investor mandate excludes digital assets | Capital structure isolates the digital-asset activity so AI/HPC capacity can be funded separately. Discuss it with us directly. |
| Regulatory change in Nigeria | The load is flexible and the modules are movable. That is the point of building modular. |
For investors
If your mandate cannot hold digital-asset exposure, say so early.
We will show you the AI/HPC-only structure. It is a real option and it changes the economics rather than ending the conversation.