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SAVRN Research · Capital Atlas · NeoCloud and GPU cloud

CoreWeave Data Center Capex and Sites

CoreWeave is the largest neocloud, listed on Nasdaq in March 2025 after a $1.5 billion IPO, with $35.1 billion of total debt at June 30, 2026 and a revenue backlog of approximately $104 billion. Its capital stack spans GPU-backed delayed-draw term loans ($2.3 billion and $7.5 billion), a $650 million revolver, a $3.1 billion term loan, $3.5 billion of convertibles, an $8.5 billion Meta-secured loan facility, and a $2 billion Nvidia equity investment. Anchor contracts include approximately $22.4 billion with OpenAI, approximately $21 billion with Meta, and a $6.3 billion Nvidia capacity backstop, against a target of more than 5GW of AI factory capacity by 2030 across 33+ data centers.

Updated October 8, 2026 4 named sites 36 financing transactions 5 sourced facts 59 sources
CoreWeave
CRWV
NeoCloud and GPU cloud
Financing regimeGPU-backed private-credit DDTLs plus public equity, convertibles, and customer-contract-secured loan facilities
Named sites
4
Site-level commitments the atlas ties to CoreWeave
Disclosed site capital
$3.4B
Sum of named sites with a stated dollar figure. Not a capex total; see the spending table
Disclosed capacity
326 MW
Sum of named sites with a stated megawatt figure
Financing transactions
36
Transactions naming CoreWeave or tied to one of its sites
Spending

Reported and guided spending

Audited, reported and guided figures as the filing or release states them. Reported lines are what was spent; guidance is what management said it expects. They are shown side by side and never combined.

PeriodKindAmountAs statedSources
as of 6/30/26 reported $35.1B
Total debt $35.1B at June 30, 2026, per Wikipedia summary alongside $3.5B April 2026 convertible notes
Q2 FY2026 backlog ≥$104B
Revenue backlog of approximately $104 billion, with more than $25 billion of new commitments signed in the quarter
Q2 FY2026 reported n.a.
Source renders quarterly revenue as '(626) million', an apparent transcription artifact; adjusted EBITDA $1,510 million
FY2024 reported $1.9B
S-1 disclosed $1.92 billion of 2024 revenue, 62% from Microsoft, and a $863 million net loss in 2024
as of Sep 2025 reported $18.8B
TechCrunch characterized the Nvidia investment against CoreWeave's $18.81 billion of debt as of September 2025
Named sites

Where CoreWeave builds

New Jersey
1 site · $1.8B disclosed
Open the New Jersey investment tracker →
Texas
1 site · $1.6B disclosed
Open the Texas investment tracker →
Georgia
1 site
Open the Georgia investment tracker →
Virginia
1 site
Open the Virginia investment tracker →
SiteStatePlaceCapitalMWStatusSources
Kenilworth data center
targeted online early 2027
 New Jersey Kenilworth ~$1.8B 250 construction
Plano data center (1000 Coit Road)
 Texas Plano $1.6B n.a. announced
Digital Drive data center campus
with Blue Owl Capital, Cedarwood Investment Group, PowerHouse Data Centers
 Virginia Richmond area n.a. 76 announced
Douglasville (Flexential) site
with Flexential
 Georgia Douglasville n.a. n.a. operating
Financing

Financing transactions

Transactions that name CoreWeave as a party or attach to one of its named sites. Amounts are as stated; overlapping commitments are never summed.

PartiesInstrumentAmountDateSiteSources
CoreWeave
CoreWeave reported more than $25 billion of net new customer commitments in the early weeks of Q3 2026 and total contracted power of approximately 4.2 GW as of 11 August 2026. Individual customers and contract values were not disclosed
 other ≥$25.0B Disclosed 11 August 2026 for early Q3 2026 n.a.
CoreWeave + OpenAI
AI infrastructure agreement, expanded twice in 2025 to approximately $22.4 billion.
 other ~$22.4B March 10, 2025; expanded May 2025 and September 25, 2025 n.a.
CoreWeave + Meta
Expanded AI infrastructure agreement based on Nvidia's Vera Rubin platform, running through December 2032.
 other ~$21.0B runs through December 2032 n.a.
Applied Digital + CoreWeave
Additional 150MW lease with CoreWeave, taking Ellendale to 400MW.
 lease ≥$11.0B August 29, 2025 Polaris Forge 1 (ND)
Core Scientific + CoreWeave
A new 70MW contract at Denton took the CoreWeave relationship to approximately 590MW across six sites, with Denton site load of 260MW.
 lease ≥$10.2B February 26, 2025 Denton HPC data center (TX)
CoreWeave + Core Scientific
The deal covered 1.3GW of gross capacity including 840MW of HPC and 500MW of mining across 10 facilities, and was terminated after Core Scientific shareholders voted it down.
 acquisition ~$9.0B agreed July 7, 2025; terminated October 30, 2025 n.a.
Core Scientific + CoreWeave
CoreWeave exercised its final option to modify approximately 120MW, taking the relationship to roughly 500MW at six sites.
 lease ≥$8.7B October 22, 2024 n.a.
CoreWeave + Meta
Loan facility secured by CoreWeave's long-term Meta agreement.
 debt facility $8.5B 2026 n.a.
CoreWeave
CoreWeave later secured an $8.5 billion delayed-draw term loan to expand AI infrastructure.
 debt facility $8.5B maturing March 2032; took total raises to roughly $28 billion in twelve months n.a.
CoreWeave + Blackstone + Magnetar + Coatue + Carlyle + CDPQ + BlackRock + DigitalBridge
Blackstone-led delayed-draw term loan with Magnetar, Coatue, Carlyle, CDPQ, BlackRock and DigitalBridge participating.
 debt facility $7.5B May 17, 2024 n.a.
Applied Digital + CoreWeave
Two 15-year lease agreements with CoreWeave at Ellendale, North Dakota.
 lease ~$7.0B June 2, 2025 Polaris Forge 1 (ND)
Nvidia + CoreWeave
Nvidia signed a $6.3 billion cloud computing capacity order that backstops CoreWeave's unsold capacity, running to April 13, 2032. The atlas identifies it as one of two mechanisms that most directly convert Nvidia's balance sheet into third-party debt capacity.
 backstop $6.3B Signed September 2025 per source URL context; backstop runs to April 13, 2032 n.a.
CoreWeave, Inc.
CoreWeave priced an upsized private offering of $3.7 billion of 2.875% convertible senior notes due 1 April 2033 on 18 September 2026, up from the $3.0 billion proposed on 17 September 2026. The initial conversion price is about $97.85 per share, a premium of about 22.50% to the 17 September 2026 closing price. Net proceeds are about $3.64 billion (about $4.14 billion if the option is exercised in full); about $498.8 million funds capped call transactions with a cap price of $199.70 per share, and the remainder is for general corporate purposes. The notes are guaranteed by the subsidiaries that guarantee CoreWeave's existing senior and convertible notes. CoreWeave completed the offering on 22 September 2026 at $4.2 billion aggregate principal amount, including $500 million from the initial purchasers' option exercised in full, under an indenture dated 22 September 2026 with U.S. Bank Trust Company, National Association as trustee. Net proceeds were $4,137.0 million after initial purchasers' discounts and before estimated offering expenses. The capped call transactions, entered on 17 September 2026 with additional capped calls on 18 September 2026 after the option exercise, cost approximately $566.2 million, with a cap price of $199.70 per share; the remainder of the proceeds is for general corporate purposes. Interest is payable on 1 April and 1 October from 1 April 2027.
 convertible ~$4.2B Priced 18 September 2026; closed 22 September 2026 with the initial purchasers' option exercised in full n.a.
CoreWeave
Convertible notes issued in April 2026 per the Wikipedia summary of CoreWeave's debt stack.
 convertible $3.5B April 2026 n.a.
Core Scientific + CoreWeave
First step of the CoreWeave HPC hosting contract ladder, delivering approximately 200MW of infrastructure.
 lease ≥$3.5B June 3, 2024 n.a.
CoreWeave + Jane Street
Term loan disclosed with Q2 FY2026 results alongside a $1 billion Jane Street investment and more than $10 billion of unsecured notes and convertibles.
 debt facility ≥$3.1B Q2 FY2026 n.a.
Blockfusion USA, Inc. + North East Data, LLC + CoreWeave
Blockfusion's subsidiary North East Data, LLC entered a definitive 15-year anchor lease with two five-year renewal options, plus a companion expansion agreement, with CoreWeave at its Niagara Falls, New York campus. The agreements convert a non-binding letter of intent announced 30 June 2026. Blockfusion is pursuing a business combination with Blue Acquisition Corp. that would list the combined company on Nasdaq. Blue Acquisition Corp.'s Form 8-K filed 22 September 2026 discloses a Series A common stock purchase warrant dated 4 September 2026 issued by Blockfusion to CoreWeave, Inc. for 2,786,624 Blockfusion Series A shares at an initial exercise price of $7.6898 per share. Under the Sixth Amendment to the business combination agreement, signed 21 September 2026, that warrant is cancelled immediately before the merger and replaced by a warrant for 2,870,813 shares of the listed company's Class A common stock at $7.4643 per share; the amendment also raises the earnout to up to 15,000,000 shares. The filing does not state the lease value or MW. An updated Blue Acquisition Corp. and Blockfusion investor presentation, furnished on Form 8-K on 25 September 2026, states the site has 50 MW energized with an expansion path to 300 MW or more, the CoreWeave expansion framework reaches up to 300 MW with CoreWeave holding first right to each increment, and CoreWeave committed $50 million as a non-recurring charge plus $30 million through the warrant purchase. Blockfusion is valued at $450 million pre-money in the business combination.
 lease ≥$2.8B Announced 16 September 2026 Niagara Falls AI campus (NY)
CoreWeave + JPMorgan + MUFG
CoreWeave closed its DDTL 5.5 facility with JPMorgan and MUFG as joint lead arrangers and bookrunners. Proceeds support purchase and deployment of GPU infrastructure dedicated to customer contracts averaging about three years, secured by those contracts
 debt facility ≥$2.6B Closed 10 August 2026 n.a.
CoreWeave + Blackstone + Magnetar + Magnetar Capital
Predecessor facility to the $7.5 billion CoreWeave financing led by Blackstone and Magnetar.
 debt facility $2.3B August 2023 n.a.
Nvidia + CoreWeave
Nvidia invested $2 billion of equity in CoreWeave at $87.20 per share on January 26, 2026, tied to a partnership to scale more than 5GW by 2030.
 equity raise ≥$2.0B January 26, 2026 n.a.
CoreWeave + Nvidia
The IPO listed CoreWeave on Nasdaq under CRWV; the stock opened at $39, implying roughly a $23 billion valuation.
 equity raise $1.5B priced March 27, 2025 n.a.
Galaxy Digital + CoreWeave (tenant)
Galaxy said in its third quarter 2025 results that it secured a $1.4 billion project financing facility that fully funds the $1.7 billion Phase I build at its Helios data center campus in Texas. In the same period it executed the Phase II lease with CoreWeave, which also exercised its final option for an additional 133 MW of critical IT load, bringing its commitment to the full 800 MW of approved power capacity at Helios. Lenders are not named in the release.
 debt facility $1.4B Disclosed in Galaxy's third quarter 2025 results release, 21 October 2025 n.a.
CoreWeave
CoreWeave priced and closed a private offering of $1.25 billion aggregate principal of 9.625% senior notes due 2032 and EUR 2 billion aggregate principal of 8.500% senior notes due 2032, both maturing 15 July 2032, with interest accruing from 18 June 2026 payable semi-annually from 15 January 2027. Proceeds are for general corporate purposes including repayment of outstanding debt and offering fees and expenses. Recorded in this refresh as a backfill: the transaction dates to June 2026 and was absent from the atlas.
 senior notes $1.2B Priced June 2026; offering closed 18 June 2026 n.a.
CoreWeave + Coatue
A $1.1 billion Series C led by Coatue in May 2024 at a $19 billion valuation.
 equity raise $1.1B May 2024 n.a.
Blue Owl Capital (affiliates) + Cedarwood Investment Group + PowerHouse Data Centers + Goldman Sachs + Citigroup + Deutsche Bank + CoreWeave (tenant)
A Goldman Sachs led bank group launched a roughly $1.1 billion high yield bond sale on 21 September 2026 to finance construction of the Digital Drive data center near Richmond, Virginia, backed by affiliates of Blue Owl Capital, Cedarwood Investment Group and PowerHouse Data Centers and leased to CoreWeave. CoreWeave has contracted the full 76 MW of IT capacity under a 15 year agreement valued at $2.94 billion, with operations expected between 2027 and 2028. Initial yield talk was reported in the low to mid 9 percent range, with pricing targeted for 23 September 2026; the bonds had not priced at the time of reporting. The deal priced on 23 September 2026: $1.1 billion of five-year notes sold at 98.5 cents on the dollar to yield 9.25%, about 2.7 percentage points above the average for similarly rated debt tracked by Bloomberg, according to a person familiar with the transaction. Goldman Sachs, Citigroup and Deutsche Bank led the sale, and the deal prospectus lists affiliates of Blue Owl Capital, Cedarwood Investment Group and PowerHouse Data Centers as sponsors. S&P Global Ratings rated the notes BB- and said exposure to a single speculative-grade tenant remains the key risk. The coupon and the issuer's legal name were not disclosed in the fetched coverage.
 project bond $1.1B Launched 21 September 2026; priced 23 September 2026. Reported by Bloomberg Digital Drive data center campus (VA)
Nvidia + CoreWeave + Nebius + Nscale + Lambda + Crusoe
Nvidia backstops $860M of partner data center lease obligations, with $470M escrowed, across CoreWeave, Nebius, Nscale, Lambda and Crusoe.
 guarantee $860M Date n.a. in this part n.a.
CoreWeave
Revolving credit facility to support ongoing growth.
 debt facility ≥$650M October 11, 2024 n.a.
CoreWeave
A $642 million secondary sale in December 2023.
 equity raise $642M December 2023 n.a.
CoreWeave + Nvidia
CoreWeave's April 2023 Series B included a $100 million investment from Nvidia.
 equity raise $421M April 2023 n.a.
Nvidia + CoreWeave
Nvidia placed a $250M order in CoreWeave's IPO.
 equity raise $250M CoreWeave IPO (date n.a. in this part) n.a.
Nvidia + CoreWeave
Nvidia made a $100M Series B commitment to CoreWeave, the first rung of its CoreWeave direct-investment ladder.
 equity raise $100M Series B (date n.a. in this part) n.a.
Poolside + CoreWeave
CoreWeave ended the 2GW Project Horizon deal, with power procurement challenges cited at the campus.
 lease n.a. partnership October 2025; deal later ended Project Horizon (Longfellow Ranch) (TX)
CDPQ + CoreWeave
CDPQ participated in the CoreWeave $7.5 billion facility.
 debt facility n.a. n.a. in source n.a.
CoreWeave + Deutsche Bank Securities + Goldman Sachs + J.P. Morgan Securities
CoreWeave entered an equity distribution agreement with ten sales agents for up to 35 million shares, with commissions of up to 2.0%. It may also enter collared forward sales with Deutsche Bank AG, Goldman Sachs Bank USA, Morgan Stanley and Citibank. Proceeds are for general corporate purposes including debt repayment and migration toward an investment-grade credit profile
 equity raise n.a. Equity distribution agreement disclosed 17 September 2026 n.a.
CoreWeave + EdgeConneX + Bastrop County
CoreWeave will lease Building 1 at EdgeConneX's Cedar Creek campus in Bastrop County, Texas, according to county tax abatement records reported by Community Impact. State records list the building as AUS02 with an estimated cost of $440 million
 other n.a. Reported 27 July 2026 EdgeConneX Cedar Creek campus (AUS02) (TX)
Galaxy Digital + CoreWeave
CoreWeave signed a 15-year, 133 MW critical IT lease at Galaxy's Helios campus in Dickens County, Texas on 28 March 2025, then exercised options and executed a Phase II lease, committing to the full 800 MW of approved gross power: Phase I 133 MW critical IT (about 200 MW gross, first half 2026), Phase II 260 MW (about 400 MW gross, 2027) and Phase III 133 MW (about 200 MW gross, 2028), 526 MW critical IT in total. Galaxy said the leases are expected to produce more than $1 billion of average annual revenue.
 lease n.a. Initial 15-year lease 28 March 2025; final option exercised and Phase II lease executed in the third quarter of 2025 (Galaxy releases of 5 August 2025 and 21 October 2025) Helios II data center (Dickens County) (TX)
The record

Sourced facts on CoreWeave

  • CoreWeave targets more than 5GW of AI factory capacity by 2030 under its January 2026 collaboration with Nvidia, and operated 33 data centers at the time of the Kenilworth announcement.
  • Microsoft accounted for 62% of CoreWeave's 2024 revenue per the IPO documents; the dollar value of the Microsoft contract itself is n.a.
  • IBM contracted a GB200 NVL72 supercomputer from CoreWeave to train IBM's Granite models, announced January 15, 2025, with contract value not disclosed.
  • CoreWeave disclosed third-party data center delivery delays affecting Texas, Oklahoma and North Carolina sites on November 11, 2025, moving both CRWV and CORZ shares.
  • No CoreWeave-specific Virginia site capacity or investment figure was confirmable from a fetched primary source; the document records it as n.a.n.a.
Sources

Sources for CoreWeave

Every source cited on this page, once each. The full atlas source register is at Capital Atlas sources.

NeoCloud and GPU cloud: one page each

Applied Digital 5Bitdeer Technologies Group 2Cerebras Systems 6Cipher Digital Inc. 0Core Scientific 2CoreWeave 4Corvex, Inc. 0Crusoe Energy 5Fluidstack 2Galaxy Digital Inc. 1Groq 1Hut 8 Corp. 1IREN 1Lambda (Lambda Labs) 2Nebius Group 4Nscale 2Poolside 1SambaNova Systems 0Sesterce 3TeraWulf 1Together AI 0Voltage Park 6Vultr 1WhiteFiber, Inc. 2

The figure beside each provider is its count of named sites in the atlas.

Part of the North American Data Center Capital Atlas, refreshed every Tuesday, Thursday and Saturday. Site commitments overlap reported capital expenditure and overlap one another, so this page shows each figure as its source states it and never adds them into a single deployment number. Informational, not investment advice.
The SAVRN reference set

Seven references, one system

Capital, delay, policy, water, grid, permits and scarcity are one system seen from seven sides. Each reference is primary-sourced, refreshed on a schedule, and links into the others, so a project can be followed from the money committed to the docket that stopped it.

Delay Watchlist
Project-level slippage: named projects, jurisdictional actions, utility and federal dockets, SEC disclosures, and the interconnection queue.
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Moratorium Tracker
The policy layer: every state measure and local moratorium mapped and cited, with one page per state.
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Water Tracker
Every federal, state, local and interstate water measure that touches a data center, plus a fifty-state water ledger.
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Grid Operator Watchlist
ERCOT, PJM, MISO, CAISO, SPP, NYISO, ISO-NE and FERC: the large-load rules, filings and queue positions that decide whether a site can energize.
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Permits and Power Development
Data center and substation permits, large loads in the interconnection queues, and the power plants planned to serve them, refreshed hourly from public records.
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SAVRN Scarcity Tracker
Eleven primary-sourced indicators of AI infrastructure scarcity, one composite index, read against the token index, SAVRN's own cost basis and the frontier ceiling.
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