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Latham & Watkins LLP has advised Victory Park Capital (VPC) on a $175 million credit facility to support Crusoe, the vertically integrated AI infrastructure provider, in expanding its Crusoe Cloud capacity at atNorth’s ICE02 data center in Iceland.
The financing will enable Crusoe to accelerate deployment of advanced GPU hardware and meet growing global demand for AI-driven cloud services.
The expansion at atNorth’s ICE02 site leverages Iceland’s geothermal and hydroelectric energy, supporting clean energy data center growth across Europe and North America.
Chase Lochmiller, Co-Founder and CEO of Crusoe:
“Crusoe runs the infrastructure for intelligence. This credit facility from Victory Park Capital enables us to accelerate the deployment of the most advanced GPU hardware to meet the incredible demand we're seeing from the market for Crusoe Cloud.”
"Our partnership with atNorth allows us to leverage the abundant geothermal and hydroelectric power in Iceland to build energy-first AI infrastructure so that our customers can run their most demanding AI workloads on Crusoe Cloud."
Eyjólfur Magnús Kristinsson, CEO atNorth:
“We are delighted with Crusoe's success in serving its clients via our data centers and are excited to announce this significant development in our ongoing partnership.”
"The expansion of our ICE02 site will feature cutting-edge infrastructure and highly energy-efficient Direct Liquid to Chip (DLC) cooling technology. This aligns with both companies’ commitment to sustainability, and we are proud to support Crusoe on their path to decarbonize their workloads while delivering AI-ready solutions in an environmentally responsible way.”
Connell Hasten, Partner at Victory Park Capital:
“AI and high-performance computing are placing unprecedented demands on global digital infrastructure. We are proud to support Crusoe’s mission to power the future of AI with clean energy and see tremendous potential in its vertically integrated model."
"We believe the company is uniquely positioned to develop and operate AI-optimized data centers that efficiently support large-scale GPU clusters.”
Latham & Watkins has advised Victory Park Capital with a cross-disciplinary team. The private credit work was led by partners Paul Bonewitz and Victor Ludwig, alongside associate Christian DeSimone. Additional support came from partner Morgan Brubaker on data and technology transactions, and partner Bora Bozkurt on tax matters.
Crusoe is a vertically integrated AI infrastructure provider dedicated to accelerating the “abundance of energy and intelligence.” The company unites clean energy sourcing, hyperscale data center development, and its GPU-powered Crusoe Cloud to deliver high-performance, sustainable compute. Its energy-first approach leverages geothermal, hydro, wind, and solar power, backed by a 20 GW pipeline, while its AI-optimized data centers feature direct liquid-to-chip cooling and 99.98% uptime. By controlling the full stack from energy to compute, Crusoe delivers faster, more resilient, and cost-efficient infrastructure for the future of AI.
Victory Park Capital (VPC) is a Chicago-based global alternative asset manager focused on private credit and structured financing. Since its founding in 2007, the firm has invested around US $11 billion across 230 transactions. Now a majority-owned affiliate of Janus Henderson Group, VPC integrates ESG principles, responsible investing, and community engagement into its investment approach.
atNorth is the leading data-center services provider in the Nordics, driven by a vision of “more compute for a better world.” Founded on sustainability and innovation, the firm delivers efficient, scalable solutions, including high-density colocation, build-to-suit facilities, and the Gompute HPC-as-a-Service platform across its Nordic network. With a team of infrastructure professionals committed to innovation and low-carbon operations, atNorth serves as the decarbonization partner of choice, embedding environmental responsibility at the core of its strategy.
Latham & Watkins LLP is a leading global law firm known for its expertise in corporate, litigation, and transactional law. With over 2,000 attorneys in 14 countries, the firm advises clients across a wide range of industries, including technology, healthcare, finance, and energy. Founded in 1934, Latham & Watkins is renowned for its work with emerging companies, offering legal solutions for startups and growth-stage businesses. The firm’s Emerging Companies & Growth team helps navigate complex legal matters related to business formation, financing, and scaling, making it a trusted partner for innovative companies worldwide.
