CoreWeave (CRWV)
GPU-as-a-service neocloud. Major hyperscaler offtake contracts. IPOd 2025.
- Ticker: CRWV
- Sector: gpu cloud
- DC exposure tier: high
CoreWeave (CRWV) is a high-exposure name in the data-center supply chain in the gpu cloud sector. Data Center Index tracks CoreWeave's capex history, project wins, and supplier exposure across the AI infrastructure buildout, refreshed daily from SEC filings and project announcements.
CoreWeave data center thesis
Pure-play GPU cloud renting Nvidia compute to AI labs and hyperscalers from operator-grade DCs. Backlog rocketed from $14.7B in Q1 2025 to $98.8B by Q1 2026 (+572% YoY) on new MSFT, OpenAI, and Meta take-or-pay contracts. Capex hit $10.3B in 2025 against $5.1B revenue; every GPU leased on day one is a capital event.
Bull case
- Backlog stepped to $98.8B in Q1 2026 from $14.7B a year earlier, a +572% jump under multi-year take-or-pay contracts that underwrites revenue visibility most software companies envy.
- Operates 1.08 GW across six US sites including the 800 MW Helios campus leased to Microsoft and the 300 MW Lancaster County build, purpose-built liquid-cooled GB200/GB300 capacity competitors can't replicate in 12 months.
- Direct beneficiary of every incremental hyperscaler training run needing capacity yesterday, buys time and optionality vs. AWS/Azure/GCP whose internal teams compete for the same chips.
Bear case
- Down 70% from the $377 52-week high to $114 with EV/sales near 30x; the market reprices GPU cloud at every multiple-compression cycle, leaving no room for a backlog conversion miss.
- GPU depreciation curve is brutal: H100s are already a generation behind GB200, and CRWV must keep refreshing fleet at $40K+/GPU just to hold ARPU before the next architecture cycle.
- Customer concentration even after the recent $35B non-MSFT deals: top three customers still drive most revenue, so any hyperscaler insourcing decision could vaporize a backlog leg.
Data center exposure rationale
GPU cloud, 100% DC infrastructure by definition; entire business is renting AI compute out of operator-grade DCs.
CoreWeave revenue and capex
In fiscal 2025, CoreWeave reported revenue of $5.1B, capital spending of $10.3B and an operating loss of $46.0M.
| Fiscal year | Revenue | Capex | Operating income |
|---|---|---|---|
| 2025 | $5.1B | $10.3B | -$46.0M |
| 2024 | $1.9B | $8.7B | $324.0M |
| 2023 | $229.0M | $2.9B | -$14.0M |
Tracked CoreWeave data center projects
- CoreWeave Muskogee OK, 1 GW, Muskogee, OK · operational
- Bulk Data Centers N01 AI Campus, 1 GW est., Vennesla, Norway · operational
- Galaxy Helios, 526 MW, Afton, TX · operational
- CoreWeave AI Data Centers (US), 500 MW est., United States · operational
- Applied Digital Polaris Forge 1 (Ellendale), 400 MW, Ellendale, ND · operational
- Lancaster County DC, 300 MW, Lancaster County, PA · under construction
- CoreWeave Denton TX, 260 MW, Denton, TX · operational
- CoreWeave Kenilworth (NEST) Campus, 250 MW, Kenilworth, NJ · under construction
- Hammond DC, 180 MW, Hammond, IN · cancelled
- CoreWeave UK AI Data Centers (London & Manchester), 150 MW est., London, United Kingdom · operational
Analysis mentioning CoreWeave
- Anthropic IPO Odds After a $16.8 Billion Quarter: November Holds, $2 Trillion Doesn't, 2026-10-15
- SpaceX's $40 Billion Loan for Nvidia Chips Turns Colossus Into a Bond Story, 2026-10-09
- Meta Muse Runs a Separate Computer for Every User, and 642,000 of Them Showed Up in 12 Days, 2026-09-23
- AI Slowdown Selloff: CoreWeave and Nebius Fell 9% the Morning Anthropic Was Reported Taking a Six-Year Lease, 2026-09-15
- OpenAI’s $1.15 Trillion Compute Bill: Who Actually Holds the Bag, 2026-09-08
Recent CoreWeave news
- CoreWeave teams up with AdaniConneX for AI cloud region in India, DCD, 2026-10-07
- CoreWeave Targets Enterprises with Forge Platform, Data Center Knowledge, 2026-09-30
- CoreWeave makes Nvidia Vera Rubin NVL72 available, Cognition is early customer, DCD, 2026-09-30
- Blockfusion signs CoreWeave as a customer in Niagara Falls, New York, DCD, 2026-09-18
- Parallel Works and CoreWeave partner on cloud platform for DARPA, DCD, 2026-09-10