Stargate / Crusoe / CoreWeave: the $650B AI infrastructure buildout takes shape — and stalls in places
Estimated 2026 AI data center spend hits $650B. Stargate's Abilene campus is live at 1.2 GW; Microsoft picks up 900 MW from Crusoe to fill a cancelled Stargate expansion. CoreWeave borrowed $12.4B against GPUs. Nearly half of US 2026 data center projects are cancelled or delayed.
Aggregating from public reporting and the operators' own releases, the shape of the 2026 buildout:
Stargate: By April 2026 the program had moved well past announcement into operations. The flagship Abilene campus is live at 1.2 GW of Oracle Cloud Infrastructure capacity; additional sites are under construction in Michigan, Wisconsin, Wyoming, Pennsylvania, and Texas; the broader Stargate program now targets ~7 GW of planned capacity at over $400B of cumulative investment. However, Oracle and OpenAI dropped plans in March 2026 to expand the Abilene campus from 1.2 GW to ~2.0 GW after financing terms collapsed.
Crusoe: The Abilene operator stepped in with Microsoft to pick up some of the cancelled-expansion capacity — Crusoe announced March 27 that Microsoft would occupy an adjacent 900 MW campus. Crusoe is positioning as the first private utility in the US — vertically integrated energy + compute as a platform.
CoreWeave: Public stated goal of 5 GW of "AI Factories" by 2030. Took out $12.4B in three GPU-backed loans from private credit (Blackstone, Coatue, BlackRock, PIMCO) and traditional banks (Goldman, JPM, Wells) in late 2025.
The reality check: Nearly half of all US data center projects scheduled to come online in 2026 have been cancelled or delayed. Of the ~12 GW of supposed capacity, only ~5 GW is actively under construction. The $650B headline number masks substantial execution risk on power, permits, and chip supply.