CoreWeave
US-listed AI hyperscaler/neocloud; GPU cloud with managed Kubernetes and Slurm, capacity sold mostly under multi-year take-or-pay contracts to AI labs and hyperscalers.
www.coreweave.com · Record collected 25 Sept 2026
Profile from NeoCloud Observatory research (snapshot 2026-09-25); every figure links to its original source.
Business model and differentiation text: NeoCloud Observatory research (analysis, not HYBSIS assessment).
Profile
- Headquarters
- Livingston, New Jersey, United States
- Founded
- 2017
- Ownership
- public · Nasdaq: CRWV
- Operating regions
- North America
- Deployment model
- long term offtake, dedicated clusters, hyperscaler capacity supply, managed kubernetes orchestration, ai platform software, gpu hour rental
- GPU vendors
- NVIDIA
- GPU generations
- NVIDIA Hopper, NVIDIA Blackwell
- Networking
- NVIDIA Quantum-2 InfiniBand, NVIDIA Networking
- Storage
- VAST Data (distributed file), CoreWeave AI Object Storage
- Cooling
- Not yet recorded
- Energy strategy
- third party — Power supplied through data-center landlords/utilities; no evidence of owned generation.
- Platform / control plane
- CoreWeave Kubernetes Service (CKS, managed), SUNK (Slurm on Kubernetes), Mission Control (fleet health / predictive fault management), Dedicated and serverless inference, Weights & Biases (acquired 2025, MLOps), Bare-metal Kubernetes nodes (no hypervisor)
- Business model
- Dedicated, bare-metal GPU clusters (Hopper → Blackwell NVL72) delivered through a Kubernetes-native cloud (CKS, SUNK), plus storage, inference and W&B MLOps.
- Differentiation
- Speed to large contiguous clusters, highest independently rated cluster operations (only ClusterMAX Platinum three times), and willingness to finance capacity against customer contracts.
Sources: Wikipedia — CoreWeave — Wikipedia, CoreWeave Investor Relations — CoreWeave Reports Strong Second Quarter 2026 Results
Capacity register
Each sourced figure with its maturity and MW type. Figures of different types are not added together.
| MW | Maturity | MW type | As of | Status & source |
|---|---|---|---|---|
| 1,500 | operational | active power | 30 Jun 2026 | Operational Confidence: high Company term 'active power'; added ~500 MW in Q2 2026. Source: CoreWeave Investor Relations — CoreWeave Reports Strong Second Quarter 2026 Results |
| 3,700 | contracted | contracted power | 30 Jun 2026 | Announced Confidence: high Total contracted power ~3.7 GW. Source: CoreWeave Investor Relations — CoreWeave Reports Strong Second Quarter 2026 Results |
| 1,850 | announced | unspecified | 11 Aug 2026 | Announced Confidence: medium Target: more than 1.85 GW active power by year-end 2026 (company guidance). Source: Seeking Alpha — CoreWeave expects $12.4B-$13.2B of 2026 revenue while raising year-end active power target to more than 1.85 GW |
Disclosed customer contracts
| Customer | Value | Basis | Term | Date | Status & source |
|---|---|---|---|---|---|
| Metahyperscaler | $21.0B | Total contract value | — | 9 Apr 2026 | expanded Source: Business Wire (CoreWeave) — CoreWeave and Meta Announce $21 Billion Expanded AI Infrastructure Agreement |
| Metahyperscaler | $14.2B | Total contract value | — | 30 Sept 2025 | signed Original 2025 agreement (~$14.2B) referenced in the April 2026 expansion coverage; exact 2025 date approximate. Source: CNBC — Meta commits to spending additional $21 billion with CoreWeave |
| OpenAIai lab | $11.9B | Up to (ceiling) | 5 yr | 10 Mar 2025 | signed Source: CNBC — OpenAI to pay CoreWeave $11.9 billion over five years |
| OpenAIai lab | $6.5B | Up to (ceiling) | — | 25 Sept 2025 | expanded Brings total OpenAI contract value to ~$22.4B. Source: CoreWeave Investor Relations — CoreWeave Expands Agreement with OpenAI by up to $6.5B |
| OpenAIai lab | $4.0B | Up to (ceiling) | — | 15 May 2025 | expanded May 2025 expansion (up to $4B); exact date approximate. Source: CoreWeave Investor Relations — CoreWeave Expands Agreement with OpenAI by up to $6.5B |
Financing & M&A
| Date | Type | Amount | Detail |
|---|---|---|---|
| 1 Jul 2026 | debt | $2.6B | CoreWeave — DDTL 5.5 Exact close date not captured; month approximate. Source: SEC EDGAR — CoreWeave 8-K Ex.99.1 — $2.6 billion DDTL 5.5 facility |
| 1 May 2026 | debt | $3.1B | CoreWeave — DDTL 5.0 Exact close date not captured; month approximate. Source: CoreWeave Investor Relations — CoreWeave Closes $3.1 Billion Loan Facility (DDTL 5.0) |
| 31 Mar 2026 | debt | $8.5B | CoreWeave — DDTL 4.0 First HPC-infrastructure DDTL rated investment grade (Moody's A3) per public reports. Source: SEC EDGAR — CoreWeave 8-K Ex.99.1 — $8.5 billion delayed draw term loan (DDTL 4.0) |
| 5 May 2025 | acquisition | — | CoreWeave acquired Weights & Biases. Source: API Evangelist (GitHub) — CoreWeave public API surface profile (CKS, SUNK, VAST, InfiniBand) |
| 28 Mar 2025 | ipo | — | CoreWeave — IPO (Nasdaq: CRWV) IPO priced at $40/share per public reports; amount not captured in this snapshot. Source: Wikipedia — CoreWeave — Wikipedia |
Neocloud Observatory
Evidence-scored analysis
Category A · Pure-play Neocloud · data quality 74.1/100 · snapshot 25 Sept 2026
Capacity by maturity (MW)
Each stage is reported separately and never added together. Announced GPUs never count as operational.
- Operational 1,500 MW
- Under construction Unknown
- Contracted 3,700 MW
- Secured Unknown
- Announced Unknown
- Stated pipeline Unknown
- Company target 1,850 MW
- GPUs operational
- 600,000 Estimated
- GPUs contracted
- Unknown
- GPUs announced
- Unknown
GPU platforms: NVIDIA GB200 NVL72 · NVIDIA H100 / H200 (HGX)
Financial position
- Annualised revenueDERIVED: Q2 2026 annualised
- $10.3B
- Revenue growth (YoY)
- 112%
- Backlog
- $104B
- Disclosed contract value
- $57.6B
- Valuationmarket capitalization
- $44.2B
- Equity raised (captured)
- Unknown
- Debt raised (captured)
- $14.2B
- Total debt (reported)
- $35.6B
- Hyperscaler credit supportnot cash raised
- Unknown
Largest disclosed customer: meta · 61% of disclosed contract value
Scorecard
score-v1.0 · 0–100 · scores with under 34% evidence coverage stay empty
Business Model Quality 76 evidence coverage 100%
- contracted revenue model: 80 (weight 0.4) — long-term contracted model
- model diversity: 100 (weight 0.2) — long_term_offtake, dedicated_clusters, hyperscaler_capacity_supply, managed_kubernetes_orchestration, ai_platform_software, gpu_hour_rental
- margin: 36 (weight 0.25) — net margin -24%
- software upside: 100 (weight 0.15) — 7 software layers
Capital Access 87 evidence coverage 75%
- total capital raised: 84 (weight 0.3) — $14.20B equity+debt captured
- raised last 12m: 90 (weight 0.25) — $14.20B in 12m
- valuation: 88 (weight 0.2) — market_capitalization valuation $44.24B
- strategic backers: unknown (weight 0.15) — 0 investors known
- cost of debt: unknown (weight 0.1) — no rate disclosed
Competitive Moat 80 evidence coverage 100%
- physical control: 33 (weight 0.3) — power/land/DC control
- software depth: 100 (weight 0.25) — 7 software layers
- contracted lock in: 100 (weight 0.25) — backlog/contract value $104.00B
- operational reputation: 100 (weight 0.2) — Platinum (ClusterMAX 3.0)
Concentration Risk (higher = riskier) 61 evidence coverage 100%
- top customer share: 61 (weight 0.8) — top customer ≈61%
- few customers: 60 (weight 0.2) — 2 disclosed customers
Customer Diversification 49 evidence coverage 100%
- top customer share: 54 (weight 0.6) — top customer ≈61% of disclosed value
- distinct customers: 40 (weight 0.4) — 2 disclosed customer relationships
Customer Quality 94 evidence coverage 100%
- hyperscaler or lab: 95 (weight 0.5) — hyperscaler and AI-lab customers
- contracted value: 92 (weight 0.5) — disclosed contract value $57.60B
Execution Risk (higher = riskier) 24 evidence coverage 100%
- build to operating ratio: 54 (weight 0.45) — 3,700 MW to build vs 1,500 MW operating
- soft pipeline share: 0 (weight 0.25) — 0 MW secured/announced/speculative
- organisational youth: 0 (weight 0.3) — founded 2017
Financial Durability 75 evidence coverage 80%
- revenue scale: 91 (weight 0.3) — annualised revenue $10.33B (DERIVED: Q2 2026 annualised)
- net margin: 36 (weight 0.2) — net margin -24%
- cash: unknown (weight 0.2) — cash UNKNOWN
- backlog coverage: 87 (weight 0.2) — backlog/revenue 10.1x
- public disclosure: 80 (weight 0.1) — public company (audited)
Financial Risk (higher = riskier) 45 evidence coverage 100%
- losses: 65 (weight 0.3) — net margin -24%
- debt to revenue: 54 (weight 0.3) — total debt / annualised revenue 3.4x
- reliance on new capital: 31 (weight 0.25) — 12m capital raised / revenue 1.4x
- revenue scale inverse: 9 (weight 0.15) — revenue $10.33B
Geographic Position 29 evidence coverage 100%
- countries: 18 (weight 0.6) — United States
- sovereign positioning: 45 (weight 0.4) — no sovereign positioning
GPU Supply Position 94 evidence coverage 100%
- gpu fleet and contracted: 96 (weight 0.4) — 600,000 GPUs operational+contracted
- vendor relationship: 95 (weight 0.3) — NVIDIA investor/Exemplar
- latest generation: 90 (weight 0.3) — NVIDIA GB200 NVL72, NVIDIA H100 / H200 (HGX)
Growth Momentum 77 evidence coverage 100%
- revenue growth yoy: 63 (weight 0.4) — YoY growth 112%
- capacity momentum: 95 (weight 0.25) — 3,700 MW contracted/under construction
- recent major events: 75 (weight 0.2) — 3 major confirmed events in 180d
- capital raised 12m: 88 (weight 0.15) — raised $14.20B in 12m
Infrastructure Execution 29 evidence coverage 40%
- delivered projects: unknown (weight 0.4) — 0/0 tracked projects (partially) operational
- operational share of hard mw: 29 (weight 0.4) — 1,500 of 5,200 hard MW operational
- building now: unknown (weight 0.2) — 0 under construction
Management Execution 86 evidence coverage 100%
- delivered capacity: 95 (weight 0.5) — 1,500 MW delivered to date
- milestones 180d: 75 (weight 0.3) — 3 confirmed major milestones (180d)
- disclosure discipline: 80 (weight 0.2) — public reporting cadence
Operational Capacity 92 evidence coverage 100%
- operational mw: 89 (weight 0.65) — 1,500 MW operational (company-level (active_power))
- operational gpus: 96 (weight 0.35) — 600,000 GPUs operational (ESTIMATE)
Power Pipeline Quality 84 evidence coverage 100%
- weighted pipeline mw: 94 (weight 0.5) — ladder-weighted 4,090 MW
- hard share: 100 (weight 0.3) — 100% of stated MW is operational/under construction/contracted
- physical power control: 33 (weight 0.2) — physical-layer control 32/100
Software Platform Maturity 100 evidence coverage 100%
- software layers: 100 (weight 0.5) — ai_platform, bare_metal, inference, kubernetes, observability, scheduler, storage
- software control: 100 (weight 0.25) — software-layer control 100/100
- independent rating: 100 (weight 0.25) — Platinum (ClusterMAX 3.0)
Strategic Partnerships 90 evidence coverage 60%
- vendor equity: unknown (weight 0.4) — no vendor equity evidenced
- hyperscaler ties: 90 (weight 0.4) — hyperscaler customer or credit backstop
- exemplar or rating: 90 (weight 0.2) — NVIDIA Exemplar / top ClusterMAX
Technical Differentiation 65 evidence coverage 100%
- differentiators: 50 (weight 0.7) — deep software stack, top-rated operations
- independent rating: 100 (weight 0.3) — Platinum (ClusterMAX 3.0)
Technical Strength 96 evidence coverage 100%
- independent rating: 100 (weight 0.45) — Platinum (ClusterMAX 3.0)
- exemplar cloud: 90 (weight 0.15) — NVIDIA Exemplar Cloud
- fabric evidence: 80 (weight 0.15) — InfiniBand fabric evidenced
- stack documentation: 100 (weight 0.25) — 11 technology layers evidenced
Vertical Integration 73 evidence coverage 100%
- stack control: 73 (weight 1) — 12 of 12 layers evidenced; 0 UNKNOWN
Career Opportunity 80 evidence coverage 93%
- growth momentum: 77 (weight 0.2) — Growth Momentum
- capital access: 87 (weight 0.15) — Capital Access
- technical strength: 96 (weight 0.12) — Technical Strength
- software platform maturity: 100 (weight 0.12) — Software Platform Maturity
- power pipeline quality: 84 (weight 0.1) — Power Pipeline Quality
- geographic position: 29 (weight 0.06) — Geographic Position
- strategic partnerships: 90 (weight 0.08) — Strategic Partnerships
- hiring: unknown (weight 0.07) — open roles (public boards)
- inv financial risk: 55 (weight 0.1) — 100 - financial risk
Data Quality 74 evidence coverage 94%
- dq coverage: unknown (weight 0) — 0.941
- dq avg confidence: unknown (weight 0) — 0.673
- dq primary source pct: unknown (weight 0) — 0.333
- dq freshness days: unknown (weight 0) — 0
- dq conflicts: unknown (weight 0) — 1
- dq missing count: unknown (weight 0) — 1
Worth Investigating? (not investment advice) 80 evidence coverage 100%
- growth momentum: 77 (weight 0.18) — Growth Momentum
- technical differentiation: 65 (weight 0.12) — Technical Differentiation
- customer quality: 94 (weight 0.12) — Customer Quality
- power pipeline quality: 84 (weight 0.12) — Power Pipeline Quality
- capital access: 87 (weight 0.12) — Capital Access
- strategic partnerships: 90 (weight 0.1) — Strategic Partnerships
- technical strength: 96 (weight 0.08) — Technical Strength
- infrastructure execution: 29 (weight 0.08) — Infrastructure Execution
- operational capacity: 92 (weight 0.08) — Operational Capacity
- novelty bonus: 0 (weight 0.3) — company ≤3 years old
Overall Scale Potential 87 evidence coverage 100%
- power pipeline quality: 84 (weight 0.3)
- capital access: 87 (weight 0.25)
- customer quality: 94 (weight 0.2)
- operational capacity: 92 (weight 0.15)
- vertical integration: 73 (weight 0.1)
Overall Survival Probability (5y, %) 95 evidence coverage 85%
- model: unknown (weight 1) — logistic(durability, capital access, customer quality, risks)
Forecasts (rule-based, P10–P90)
| Horizon | Operational MW | Annualised revenue |
|---|---|---|
| 12 months | 2,380 MW (1,940 MW–2,820 MW) | $21.9B ($15.5B–$25.9B) |
| 24 months | 3,040 MW (2,600 MW–3,480 MW) | $35.3B ($19.8B–$47.4B) |
| 36 months | 3,370 MW (2,930 MW–3,700 MW) | $44.4B ($23.3B–$53.3B) |
| 60 months | 3,480 MW (3,150 MW–3,700 MW) | $44.4B ($29B–$53.3B) |
Stored in an immutable prediction ledger and scored against reported outcomes when they fall due. Predictions, not facts.
Outcome probabilities
| Outcome | 12 mo | 24 mo | 36 mo | 60 mo |
|---|---|---|---|---|
| Remain independent | 95% | 91% | 86% | 77% |
| Acquired | 3% | 6% | 9% | 14% |
| Merge | 1% | 2% | 3% | 5% |
| Fail | 1% | 2% | 2% | 4% |
| Acquire another company | 16% | 29% | 41% | 58% |
| Financial distress | 4% | 7% | 11% | 17% |
| Major cloud scale (≥2 GW operational or ≥$10B revenue) | 100% | 100% | 100% | 100% |
| Remain niche | 0% | 0% | 0% | 0% |
| Strategic pivot | 15% | 20% | 25% | 35% |
| Exit AI infrastructure | 1% | 2% | 3% | 5% |
Ownership outcomes (independent, acquired, merge, fail) sum to 100% at each horizon; the others are independent events.
Vertical-integration stack
- energy THIRD PARTY Power supplied through data-center landlords/utilities; no evidence of owned generation. (inferred)
- land LEASED Majority of capacity in leased facilities (Core Scientific, Applied Digital, Galaxy); some self-builds. (inferred)
- data center LEASED Primarily long-term leases of dedicated campuses; 'pushes more into self builds'. (inferred)
- power cooling PARTNERED Liquid-cooled halls delivered by landlords to CoreWeave specs. (inferred)
- gpu hardware OWNED Owns GPU fleet, financed via GPU-backed DDTLs. (inferred)
- network OWNED Operates InfiniBand fabrics in its clusters. (inferred)
- storage PARTNERED VAST Data file storage plus own object storage. (inferred)
- bare metal OWNED Bare-metal Kubernetes nodes. (inferred)
- orchestration OWNED CKS and SUNK built in-house. (inferred)
- cloud api OWNED Own cloud APIs. (inferred)
- ai platform OWNED Weights & Biases acquisition. (inferred)
- managed ai OWNED Managed inference services. (inferred)
Conflicting sources kept side by side: 1. Not yet sourced: cash.
Timeline
-
11 Aug 2026 · fact
CoreWeave Q2 2026: revenue $2.58B (+112%), backlog ~$104B, active power 1.5 GW
Source: CoreWeave Investor Relations — CoreWeave Reports Strong Second Quarter 2026 Results -
1 Jul 2026 · debt
CoreWeave — DDTL 5.5 Exact close date not captured; month approximate.
Source: SEC EDGAR — CoreWeave 8-K Ex.99.1 — $2.6 billion DDTL 5.5 facility -
1 May 2026 · debt
CoreWeave — DDTL 5.0 Exact close date not captured; month approximate.
Source: CoreWeave Investor Relations — CoreWeave Closes $3.1 Billion Loan Facility (DDTL 5.0) -
9 Apr 2026 · fact
Meta expands CoreWeave agreement by ~$21B through Dec 2032
Source: Business Wire (CoreWeave) — CoreWeave and Meta Announce $21 Billion Expanded AI Infrastructure Agreement -
31 Mar 2026 · debt
CoreWeave — DDTL 4.0 First HPC-infrastructure DDTL rated investment grade (Moody's A3) per public reports.
Source: SEC EDGAR — CoreWeave 8-K Ex.99.1 — $8.5 billion delayed draw term loan (DDTL 4.0) -
30 Oct 2025 · fact
Core Scientific shareholders reject $9B CoreWeave acquisition; merger agreement terminated
Source: CNBC — Core Scientific shareholders reject $9 billion CoreWeave offer, deal terminated -
5 May 2025 · acquisition
CoreWeave acquired Weights & Biases.
Source: API Evangelist (GitHub) — CoreWeave public API surface profile (CKS, SUNK, VAST, InfiniBand) -
28 Mar 2025 · ipo
CoreWeave — IPO (Nasdaq: CRWV) IPO priced at $40/share per public reports; amount not captured in this snapshot.
Source: Wikipedia — CoreWeave — Wikipedia
Recent coverage
Updated 1 Nov 2026, 11:54 UTC
- 29 Oct 2026 Data Centre
DCD Studio: Europe's gigawatt opportunity with Maria Poyer, CoreWeave
DCD's Seb Moss and Maria Poyer of CoreWeave discuss global expansion strategies, focusing on site selection, real estate, and market entry challenges in Europe and APAC
DatacenterDynamics
- 28 Oct 2026 Data Centre
CoreWeave deploys AI infrastructure in Denmark
CoreWeave, an American cloud computing company, has marked its first deployment in Denmark by partnering with atNorth, a Nordic data center company, to host 22.5 MW IT capacity at the DEN01 data center in Copenhagen. According to a CoreWeave press release, the deployment is scheduled to come online in Q4 2026, with…
W.Media
- 8 Oct 2026 Data Centre
CoreWeave to collaborate with AdaniConneX to expand AI cloud platform in India
CoreWeave, an American AI and cloud computing company, is making its foray into the Indian market, and has announced plans to expand its AI cloud platform with 240 MW of data center capacity in Navi Mumbai via a collaboration with AdaniConnex. The new campus will span three 80 MW buildings at AdaniConneX’s Taloja…
W.Media
- 30 Sept 2026 Data Centre
CoreWeave Targets Enterprises with Forge Platform
CoreWeave is evolving from a specialized GPU infrastructure provider into a full-stack AI cloud platform to compete with hyperscalers and attract enterprise customers.
Data Center Knowledge
- 30 Sept 2026 GPU
CoreWeave Delivers NVIDIA Vera Rubin NVL72 Performance at Production Scale, Starting with Cognition
SAN FRANCISCO, Sept. 30, 2026 — CoreWeave Inc. today announced the availability of NVIDIA Vera Rubin NVL72 on CoreWeave, with Cognition as the first customer anywhere running production workloads on the system. Customers, like Cognition, run the system under the same operating model and tooling as their existing…
HPCwire