Q2 colocation revenue rises on higher billed capacity
In Q2 2026, performance was driven by a sharp ramp in high-density colocation, reaching 437 billable MW in mid-July, nearly 200 MW above Q1.
GAAP colocation revenue rose sequentially to $137 million, reflecting higher billable capacity; CoreWeave revenue is recognized straight-line over 12-year terms.
Announced an AMD partnership for 530 MW across five sites, cited as over $14 billion of base contracted revenue over 15 years with 2.5% annual escalators.
Build costs are estimated at $11-12 million per MW; the 530 MW program implies about $6 billion of capital, planned to be financed via project-level bonds.
Bitcoin mining continued to wind down, with nearly 30% fewer miners online than Q1; operations were limited to two self-mining sites to offset power costs.
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