CoreWeave Energizes 350MW, Eyes Full 590MW by 2027 Despite $35B Capex Forecast
CoreWeave has energized 350MW and is billing nearly 200MW under its $10B, 12-year capacity deal, with all 590MW set for early 2027. A widening Q4 net loss and planned $30–35B capex in 2026 against a $66.8B backlog signal ongoing negative cash flow and ROI pressure.
1. Capacity Build-Out Progress
CoreWeave has energized 350MW of its AI data center capacity under a 12-year, $10 billion agreement, with nearly 200MW already billing. The company expects to complete its full 590MW pipeline by early 2027, expanding its colocation footprint across multiple regions.
2. Q4 Net Loss and Financial Performance
The company reported a wider net loss in the fourth quarter as heavy infrastructure investments weighed on earnings. CoreWeave’s digital colocation operations continue to ramp but have yet to offset ongoing development costs.
3. 2026 Capex Guidance and Cash Flow Outlook
CoreWeave forecasts $30–35 billion in capital expenditures for 2026 against a $66.8 billion revenue backlog, underscoring persistent negative free cash flow and heightened ROI compression risks. Execution depends on sustained external funding, with profitability visibility limited at scale.