Crusoe files a $4.8bn Jayton campus and Project Hyper hits $12bn with no tenant named
Two filings published today add a $4.8 billion Jayton campus to Crusoe's Project Hyper, taking the complex to $12 billion. The Jayton half names no tenant and delivers in 2029, against a ledger of six gigawatts sold and one standing.
Vincent Jiang · 3 min read
Two filings on a county road
Two Texas filings published today put Crusoe on Country Road 233 in Jayton, Kent County: two data center buildings of 759,260 sq ft each, $4.8 billion of site investment, construction from the end of January 2027, and go-live dates of May and July 2029 1. Both are listed as "spur buildings" of Project Hyper, Crusoe's complex to the north in Childress 1.
Twelve billion dollars, fifteen days after the raise
Project Hyper's Childress half was filed in September: three buildings of 806,360 sq ft at $2.4 billion each, two already under construction, the third expected to start this month, all targeting completion in the first half of 2028 1. Together the two sites reach $12 billion, $7.2 billion in Childress and $4.8 billion in Jayton, committed by a company that fifteen days earlier initially closed a $3.9 billion Series F at a $30.9 billion post-money valuation 12.
The blank tenant line
Crusoe's ledger reads more than 6 GW of gross contracted capacity, about 1 GW delivered and operational, and over $140 billion of total contracted value on terms the release does not disclose 2, the gap Crusoe sold six gigawatts and built one mapped on 28 September. That leaves roughly five gigawatts to finance and build, and the Jayton filings add $4.8 billion to that side with no tenant named anywhere in them 1. Half of Project Hyper is now a $4.8 billion bet on a customer Crusoe has not named. The holders at the $30.9 billion mark include ARK Invest, Fundrise and Robinhood Ventures Fund I 2.
The neighbors are pre-sold
Every Crusoe campus around Jayton carries a name. Lancium and Crusoe announced Childress in July as a 1 GW grid-connected campus on 270 acres, purpose-built for a hyperscaler the release left unnamed, and reports put Meta in that space 13. IREN's adjacent Childress site is committed to Microsoft, four 50 MW phases under a five-year $9.7 billion contract with the first accepted in August 14. Abilene, where OpenAI trained Astra, has grown to 1.2 GW with a second 900 MW site underway, and Armstrong County is filed for Google 123. Jayton is the blank.
Crusoe's announced Texas campuses reach 3.1 GW; Jayton filed no megawatts at all
- Estimate
Data
| Value | |
|---|---|
| Abilene campus | 1.2GW |
| Abilene second site (estimate) | 0.9GW |
| Childress, Project Hyper (estimate) | 1GW |
Signed demand is not poured concrete
The bull case is real and on paper: cloud bookings up more than 20-fold year to date, Managed Inference past $100 million in contracted annual recurring revenue, Meta, Microsoft and OpenAI all customers 25. None of it names a Jayton tenant or moves a 2029 delivery date. Contracts hedge demand falling; they do not hedge schedules slipping.
Watch January
The third Childress building starts this month; Jayton breaks ground at the end of January 2027 1. The tell stays operational gigawatts per quarter, where each one delivered converts backlog into asset and each slip converts it into carrying cost. January's groundbreaking is on a schedule. The tenant line is not.
Deepdive
AI-generated from this story and its cited sources. Not investment advice.
