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CoreWeave
CRWV · Full stack
●All values sourcedLast verified 15 Aug 2026
The largest tracked operator by contracted power, and the only one publishing both an active-power and a contracted-power figure in the same disclosure.
Only 1 of 4 factors can be computed from what this company has published, covering 30% of the score's weight. A composite below 60% coverage is withheld rather than shown with the gaps treated as passes.
Promise deliveryNot availableNo guided milestone has been reached yet, so there is nothing to score.35%
Evidence quality5 of 5 confirmed30%
Timeline stabilityNot availableThis company has guided no dated milestone.20%
FinancingNot availableFinancing is not disclosed as a project milestone.15%
Path to billingFurthest reached anywhere: Customer contracted
A stage is marked complete when any of CoreWeave's
1 tracked project has reached it —
this is the furthest the company has got anywhere, not the state of every site.
Open a stage to see which sites evidence it.
Capacity truthFour different measurements
⌁4.20 GWSecuredGross
§Not disclosedContractedN/ANothing published to derive from
▣1.50 GWEnergisedCritical IT
$Not disclosedBillingN/ANothing published to derive from
These are four separate disclosures on different bases, not four stages of one
funnel. Secured power is measured at the utility connection; the rest are critical IT. They are
never subtracted from one another.
Revenue calculatorWhat billing capacity implies, and what it would be worth
The megawatts and the revenue rate come from what CoreWeave has published.
The multiple does not — it is an opinion, and it is the input that moves the answer most.
Nothing here is a price target.
This company cannot be modelled: no capacity is disclosed or derivable as billing; no contract discloses value, megawatts and term together, so no revenue rate can be derived.
A sector average would describe a different business, so none is substituted.
How estimates work.
CoreWeave at a glance
Every figure below is sourced
CoreWeave rents GPU compute by the hour from data centres it operates, selling finished AI infrastructure rather than empty powered space.
◇Full stack●Reached: Customer signed%36% of controlled power switched on
How far it has actually got
Select a step for its evidence
Company-wide disclosure · 2026-08-11
No evidence recorded yet
US data centre estate · 2026-06-30
US data centre estate
No evidence recorded yet
No evidence recorded yet
Where the power goes
Each bar is drawn to the same scale. A dashed row means the company has not published
that figure — it is not zero. Where the dashed line appears, the measurement itself changes from
power at the utility connection to usable capacity inside the hall, so the step down is a change
of definition rather than capacity going missing.
What it owns, and what the customer brings
The company owns every layer from grid power through to the accelerators, and sells finished compute.
Where it operates
1 recorded sites
🇺🇸1
A filled dot is a site with a published capacity figure; an outlined dot is a
site named in filings without one. Positions are schematic, not geographic.
Capacity record
Every value with its evidence
Measure
Value and evidence
Secured powerPower capacity controlled through executed utility, interconnection, energy-service, lease or comparable arrangements. It may include capacity already operating as well as capacity awaiting development. Secured power indicates supply control, not customer demand or completed compute capacity.
Approximately 4.2 GW stated on the 11 August 2026 earnings call, up from the 3.7 GW reported as at the 30 June quarter end. Contracted power is a total that already includes the active figure — the two are not additive.
Contracted power stated as approximately 4.2 GW on the call, above the 3.7 GW reported as of the 30 June quarter end.
Development pipelineIdentified development opportunity that is not yet secured — sites under study, options, and applications lodged. Reported separately from secured power and never added to it.
Not disclosed—Not disclosed
Customer-contractedCompute or capacity a paying customer has committed to under a signed contract. Demand, not supply. Frequently disclosed only for individual named contracts, in which case the site total is a disclosed minimum rather than an exhaustive figure.
Not disclosed—Not disclosedEvidence
Not disclosed in megawatts. CoreWeave reports customer commitments in dollars of revenue backlog — approximately $104.2bn as at 30 June 2026 — which cannot be converted to MW.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Under constructionCapacity with physical construction under way. Capital committed, no revenue from it yet.
Not disclosed—Not disclosed
Energised critical ITCritical IT load live and drawing power. Often described by companies as "active" or "operational" capacity. It does not by itself mean a customer is paying for it.
CoreWeave's wording is "expanded active power by nearly 500 MWs to reach 1.5 GW". "Active power" is their term for energised capacity; it does not establish how much is customer-accepted.
Expanded active power by nearly 500 MWs to reach 1.5 GW. Grew total contracted power to approximately 3.7 GW. Revenue backlog was approximately $104bn as of June 30, 2026.
Customer-acceptedCapacity formally accepted under the relevant customer agreement. Acceptance may trigger billing or revenue recognition, but the commercial effect is contract-specific and must be separately evidenced.
Not disclosed—Not disclosed
Revenue liveCapacity for which the company has explicitly disclosed that billing, rent commencement or revenue generation has begun. Billing, GAAP revenue recognition and cash receipt are not assumed to occur simultaneously.
Not disclosed—Not disclosedEvidence
Not disclosed in megawatts. Q2 2026 revenue was reported in dollars across the whole fleet.
Verified
Not verified
Type
Actual
Coverage
Not exhaustive — may be higher
Projects and gates
1 recorded
Gates advance independently. Zoning can be granted while environmental approval,
financing and interconnection all remain outstanding — a single stage label would hide that.
US data centre estate
United States
1.50 GWCritical IT●Confirmed
CoreWeave reports fleet-wide rather than per site; the site-level split is not disclosed.
—Site controlNot disclosed
—Utility agreementNot disclosed
—Interconnection approvedNot disclosed
—Zoning approvedNot disclosed
—Regulatory approvalNot disclosed
—Environmental approvalNot disclosed
—Building permitsNot disclosed
—Financing committedNot disclosed
—Long-lead equipment orderedNot disclosed
—Construction startedNot disclosed
●Utility energisedComplete · 1 source30 Jun 2026
●Critical IT energisedComplete · 1 source30 Jun 2026
The company has disclosed no conditional upside on this agreement.
Delivered
None yet
Contracted is not delivered. Nothing has been accepted under this agreement yet.
Approximately $104.2bn as at 30 Jun 2026. A further $25bn+ of net new customer commitments was added in early Q3 and sits outside this quarter-end figure.
Committed value and conditional maximum are shown apart and never added. Where a
company discloses a ceiling — "up to" — the difference depends on events that have not happened.
Contract detail
Every disclosed field
Scroll sideways for all columns →
Customer
MW
Term
Value
Delivered
Terms
Aggregate revenue backlog
Not disclosed
Not disclosed
$104.2bn
Not disclosed
Approximately $104.2bn as at 30 Jun 2026. A further $25bn+ of net new customer commitments was added in early Q3 and sits outside this quarter-end figure.↗ investors.coreweave.com
Verified changes
3 events
11 Aug 2026announced 11 Aug 2026
Contracted power reached approximately 4.2 GW, up from 3.7 GW at quarter end.
A further 500 MW of supply secured within six weeks of the quarter close. Contracted power is a total that already includes active capacity, so this widens the gap between power controlled and power energised rather than closing it.
Active power expanded by nearly 500 MW to reach 1.5 GW.
The largest single-quarter energisation step on the board. The previous value is derived from the company's own "expanded by nearly 500 MWs" wording rather than a separately published Q1 figure.
Revenue backlog of approximately $104.2bn as at 30 June 2026.
Excludes more than $25bn of net new customer commitments added in early Q3, so the quarter-end figure understates committed demand at the time of reading.
Write down what you expect CoreWeave to deliver, and by when. T2C scores it
later against the same evidenced gates it uses everywhere else — not against the share price.
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About CoreWeave
Last verified 15 Aug 2026
CoreWeave rents GPU compute by the hour from data centres it operates, selling finished AI infrastructure rather than empty powered space.
CoreWeave is a specialised AI cloud provider. It contracts power at scale, fills data centres with accelerators it owns, and sells that capacity to AI labs and enterprises under long-term commitments. It is the largest tracked operator by contracted power, and the only one that publishes both an active-power and a contracted-power figure in the same disclosure.
Company facts
Legal name
CoreWeave, Inc.
Ticker / exchange
CRWV · NASDAQ
Founded
Not disclosed
Headquarters
Livingston, New Jersey, United States
Business model
Full stack
Last verified
15 Aug 2026
Who leads it
Michael Intrator
Co-Founder, Chairman and Chief Executive Officer
Co-founder of CoreWeave, serving as Chairman and Chief Executive Officer.
GPU cloud compute sold under long-term customer contracts
Managed AI infrastructure and Kubernetes-based services
Owned accelerator fleet across leased and operated data centres
How it makes money
Owns the accelerators and sells finished compute. Captures far more revenue per megawatt, and carries the chip capital cost and obsolescence risk to match.
Where it operates
United States
Operating presence as disclosed. This is not the same as future pipeline —
a named location may hold nothing but secured power.
Expanded active power by nearly 500 MWs to reach 1.5 GW. Grew total contracted power to approximately 3.7 GW. Revenue backlog was approximately $104bn as of June 30, 2026.
