Blue Owl, Crusoe, Primary Digital enter second phase of $15B joint venture

Crusoe, Blue Owl Capital (OWL) and Primary Digital Infrastructure announced the second phase of a $15B joint-venture to fund the 1.2 gigawatt AI data center in Abilene, Texas.Under the terms of the joint venture, Crusoe in combination with funds managed by Blue Owl’s Real Assets platform along with Primary Digital Infrastructure will jointly sponsor the construction of six new buildings, which will bring the center to eight buildings upon completion. Construction of the first phase, comprising two buildings and 200+ megawatts, began in June 2024 and is expected to be energized in the first half of 2025. Construction of the second phase, consisting of the six additional buildings and a total of 1.2 gigawatts, began in March 2025 and is expected to be energized in mid-2026, setting a new bar for the speed of delivery for green-field, hyperscale digital infrastructure projects. The construction site has approximately 3,000 people working on the project daily and is expected to reach nearly 5,000 during the second phase. The Development Corporation of Abilene previously estimated that the direct and indirect economic impact of the first two buildings of the project is approximately $1B over 20 years. The second phase has the potential to considerably scale this impact.