# @20vc on YouTube

- **Type:** Video
- **Original URL:** https://youtube.com/watch?v=Ko7nU1Img40
- **Gondola URL:** https://gondola.cc/posts/71630376-20vc-youtube
- **Thumbnail:** https://img.gondola.cc/tr:w-,h-,fo-auto/postThumbnails/468d80e265.jpg
- **Posted:** 2026-10-03T14:00:13.000+00:00
- **Account Owner:** 20VC with Harry Stebbings (@20vc) — https://gondola.cc/20vc

## Caption

Chase Lochmiller is the Co-founder and CEO of Crusoe. Crusoe builds and powers the data centres that companies use to train and run AI. It has raised approximately $6.4 billion in equity, including its latest $3.9 billion Series F at a $30.9 billion valuation. Its backers include NVIDIA, Founders Fund, Gavin Baker's Atreides Management, Mubadala Capital and Valor Equity Partners.

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Timestamps:

00:00 Intro
01:06 How Mountaineering Shaped Chase as a Founder
06:44 Why Having Money Can Make Founders Take Bigger Risks
09:54 How Crusoe Went From Bitcoin Mining to AI Infrastructure
13:15 The ChatGPT Moment That Changed Crusoe’s Strategy
17:05 The Real Bottleneck in AI Infrastructure Today
17:54 How Crusoe Built in 1 Year What Others Said Would Take 2.5 Years
21:48 Energy & Labor: The Biggest Constraints on AI Data Centers
25:32 Why Chase Says the Data Center Water Argument Is Wrong
26:43 Do Data Centers Actually Raise Energy Prices?
29:32 Why 50% of Planned Data Centers May Never Get Built
31:14 Why Data Centers Became Politically Toxic
33:48 The Economics of GPUs and AI Compute
36:39 Crusoe’s Strategy: Sell Data Centers, GPUs and Tokens
37:48 Building the “Exxon of AI Infrastructure”
39:00 Where the Highest Margins Are in AI Infrastructure Today
39:14 What “Take-or-Pay” Really Means in AI Compute
41:45 The Real Risk of GPU Depreciation
43:19 Why Old GPUs May Stay Valuable Far Longer Than Expected
44:20 How Crusoe Forecasts AI Compute Demand
48:27 Does the Lowest-Cost Producer of Intelligence Win?
51:55 Why Not All Inference Providers Are Created Equal
53:54 Open vs Closed Models: Where the Tokens and Dollars Go
56:10 What Managed Inference Looks Like in Five Years
57:00 Quick-fire Round

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Subscribe on Spotify:
https://open.spotify.com/show/3j2KMcZTtgTNBKwtZBMHvl?si=85bc9196860e4466

Subscribe on Apple Podcasts:
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https://twitter.com/HarryStebbings

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#20vc #harrystebbings #energy #ai #founder

## Stats

- **Views:** 24,860
- **Likes:** 196
- **Shares:** 0
- **Comments:** 17

## Credits

| Name | Username | Profile | Role |
| --- | --- | --- | --- |
| 20VC with Harry Stebbings | @20vc | https://gondola.cc/20vc | Podcast |

## Tags

energy, harrystebbings, ai, founder, 20vc

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