Company Disclosure ObjectPS-0037

CoreWeave active and contracted power portfolio

A company-level disclosure combines active and future contracted power across a portfolio; it is not a normalized site-capacity record.

Company-disclosed portfolio states; no site-level badgeAggregate corporate portfolio, not a project

Executive evidence ceiling

What a decision maker may safely take from this record

Permitted reading

Company-disclosed portfolio counts and power categories only; no site allocation, measured average load, MW-IT, utilization or C20.

Not established

A secured site, land control, zoning, utility request, approved service, agreement, funded upgrade, construction, energized power, operation, utilization, or economic capacity.

Owner attention

Site allocation, metering boundary, average load, utilization and C20 economics

Geography
United States and international portfolio; site allocation not fully disclosed
Object subtype
Active And Contracted Power Portfolio
AI connection
Direct AI cloud platform disclosure
Recorded figure
>850 MW active power; ~3.1 GW contracted power
Unit basis
Company-defined portfolio active and contracted power; not MW-IT, average consumption or utilized power
Countable operating capacity
NO — aggregate company metric only; no normalized site operating MW

Conversion-chain position

C0–C21, without implied progression

Handling modePORTFOLIO SCOPED

Explicitly represented in this record Not established by this record

  1. C0–C6

    Entry and permission

    1. C0 Concept or rumor
    2. C1 Public announcement
    3. C2 Site identified
    4. C3 Land option or negotiation
    5. C4 Land controlled
    6. C5 Zoning or land-use application
    7. C6 Zoning or land-use approval

  2. C7–C10

    Service-model fork

    1. C7 Utility service or interconnection request
    2. C8 Study or review accepted
    3. C9 Tariff or service pathway identified
    4. C10 Agreement executed or obligation recorded

  3. C11–C17

    Build and operation

    1. C11 Network, generation, or facility upgrades funded
    2. C12 Construction started
    3. C13 Major electrical and cooling equipment delivered
    4. C14 Grid or onsite supply energized
    5. C15 Facility commissioned
    6. C16 IT capacity installed
    7. C17 Compute cluster operating

  4. C18–C20

    Dark Zone

    1. C18 Contracted customer use observed
    2. C19 Utilization or revenue effect observed
    3. C20 Sustained economic compute capacity

  5. C21

    Changed status

    1. C21 Delayed, cancelled, downsized, superseded, or repurposed

Recorded position: Company-disclosed portfolio states; no site-level badge

43 data centers and >850 MW active power at 2025-12-31; ~3.1 GW contracted for future deployment

Signature model · C7–C10

One state vocabulary, five non-transferable service pathways

Each row requires its own authority, instrument, scope and evidence. A state or capacity measure cannot be borrowed from another row.

  1. R

    Retail large-load service

    Utility · state commission

    1. C7

      Service request

    2. C8

      Accepted utility review

    3. C9

      Tariff or service class

    4. C10

      Executed service obligation

  2. T

    Transmission service

    Transmission provider · RTO/ISO · FERC

    1. C7

      Transmission request

    2. C8

      Accepted system study

    3. C9

      Transmission tariff path

    4. C10

      Executed service obligation

  3. G

    Generator interconnection

    Interconnecting utility · RTO/ISO

    1. C7

      Interconnection request

    2. C8

      Accepted study stage

    3. C9

      Interconnection tariff path

    4. C10

      Executed agreement or obligation

  4. C

    Co-location

    Facility owner · utility · relevant regulator

    1. C7

      Arrangement request

    2. C8

      Technical or regulatory review

    3. C9

      Applicable co-location path

    4. C10

      Executed facility-specific obligation

  5. B

    Behind the meter

    Site owner · utility · local/state authority

    1. C7

      On-site arrangement request

    2. C8

      Engineering or compliance review

    3. C9

      Ownership and service path

    4. C10

      Executed on-site obligations

Reading rule: C7–C10 records process evidence, not inevitable progression. Exact procedures vary by jurisdiction and service model; C10 still does not establish physical delivery or operating load.

Signature model · C17–C20

The evidence boundary becomes less observable after operation

The gradient represents public-record visibility, not the existence or absence of private activity.

  1. C17Threshold observation

    Operating infrastructure

    A bounded operating statement or equivalent observation.

    Boundary: Does not establish customer use, utilization or project economics.

  2. C18Commercial bridge

    Contracted use

    A scoped arrangement linking operating capacity to customer use.

    Boundary: Contract scope, customer identity or capacity denominator may remain private.

  3. C19Measured downstream use

    Utilization or revenue

    A comparable measure with denominator, period and project scope.

    Boundary: Portfolio or company-wide metrics may not isolate the named project.

  4. C20Durable operating-economic bridge

    Sustained economic capacity

    Evidence connecting sustained operation, use and economic output.

    Boundary: Public project-level evidence is often absent or non-comparable.

Unknown is not zero. Missing public C18–C20 evidence is recorded as a scoped gap, not as proof of full utilization, failure or stranded capacity.

Reopen rule: advance only when a new source supplies the missing scoped contract, denominator, period, utilization observation or operating-economic bridge.

State boundary

Scope-specific assertions

C17Aggregate active portfolio assertion

What this establishes

The company disclosed 43 data centers and more than 850 MW of active power at 2025 year-end.

What this does not prove

  • A normalized site list, metering boundaries, average load, MW-IT, customer utilization, revenue causation or sustained economic capacity.
C10Future contracted-power portfolio

What this establishes

The company disclosed approximately 3.1 GW of contracted power for future deployment.

What this does not prove

  • Delivery, energization, commissioning, installed IT, operation, utilization or economic output.

Four-register control

Figures stay in the register that produced them

No cross-register conversion is performed without an explicit source-stated bridge.

  1. R01Load

    Recorded, basis-bound

    >850 MW active power

    Company-defined portfolio active and contracted power; not MW-IT, average consumption or utilized power

  2. R02Supply

    Recorded, instrument-bound

    ~3.1 GW contracted power

    The quantity remains attached to its PPA, contracted-power or service-instrument basis; it is not energized or utilized load.

  3. R03Money

    No bridge inferred

    No separate money-register metric is normalized for this record.

    Capex, contract value, backlog, RPO, revenue and utilization are not converted into capacity or operating state.

  4. R04AI-share

    Source-bounded description

    Direct AI cloud platform disclosure

    Total data-center, campus or portfolio measures remain broader than AI unless the source provides an explicit AI-share boundary.

Aggregation policy: Not summable in this edition. No total, rank or realization percentage is generated.

AI-share boundary

Broader infrastructure does not become AI-only by implication

Direct AI cloud platform disclosure

01

Broader measured scope

Campus, data-center, portfolio, utility, accelerator or financial quantity.

Explicit source bridge

Named AI workload or customer scope · denominator · period · allocation method.

02

AI-attributable subset

Reportable only to the extent directly defined by the source.

Source-bounded AI description

Without the bridge, retain the broader label and stop the attribution.

Control rule: GPU count, company narrative, total campus MW or portfolio capex does not supply an AI-share denominator on its own.

Non-summable metrics

Recorded figures and their basis

Each figure keeps its own unit, state, geography, vintage and caveat. No total is calculated.

>850 MW active power

Basis
Company-defined active power across the portfolio
State basis
C17 portfolio assertion; not normalized site operating load
Geography
United States and international portfolio; site allocation not fully disclosed
Vintage
2025-12-31 company disclosure
Caveat
Not MW-IT, average consumption, utilized power or a sum suitable for cross-project comparison.

SRC-0155 CLM-0155CLM-0164

~3.1 GW contracted power

Basis
Company-defined contracted power for future deployment
State basis
C10 portfolio assertion
Geography
United States and international portfolio; site allocation not fully disclosed
Vintage
2025-12-31 company disclosure
Caveat
Contracted power is not deliverable, energized, average, MW-IT, utilized or economic capacity.

SRC-0155 CLM-0165CLM-0166

Atomic evidence stack

Claims retain their own ceiling, locator and sources

9 linked claims at the current cutoff.

CLM-0155 · legal status

SEC periodic filings are the controlling source for disclosed company financial incidence in Pass 07; company announcements remain Tier A-minus for intent, chronology and project assertions.

Claim ceiling
Controls disclosure function only; filings do not independently prove causal attribution.
Evidence
Tier A · HIGH
Locator
Forms 10-Q/10-K and corresponding notes/MD&A

CLM-0164 · contractual state

CoreWeave reported 43 data centers with more than 850 MW of active power and approximately 3.1 GW of contracted power capacity at December 31, 2025.

Claim ceiling
Active power is not average consumption, MW-IT or utilization; contracted power is future capacity, not active power.
Evidence
Tier A · HIGH for company-defined portfolio metrics
Locator
Lines 340–343
Linked sources
SRC-0155

CLM-0165 · exposure

CoreWeave disclosed $60.7 billion of RPO at year-end 2025 and $99.4 billion of revenue backlog at March 31, 2026.

Claim ceiling
Backlog/RPO is not recognized revenue, workload utilization or economic capacity.
Evidence
Tier A · HIGH for disclosed metrics
Locator
10-K lines 350–351; Q1 release financial highlights
Linked sources
SRC-0155SRC-0156

CLM-0166 · exposure

CoreWeave disclosed that one customer represented 67% of 2025 revenue and 68% of year-end accounts receivable.

Claim ceiling
Concentration may support financing and buildout but increases counterparty and demand-quality exposure.
Evidence
Tier A · HIGH
Locator
Lines 3006–3033
Linked sources
SRC-0155

CLM-0180 · interpretation

RPO, revenue backlog, equipment backlog, active power, contracted power, cabinet utilization and development capacity are non-equivalent measures.

Claim ceiling
No cross-metric aggregation or conversion to economic compute without disclosed bridge data.
Evidence
Tier A · HIGH
Locator
Referenced filing definitions

CLM-0185 · interpretation

CoreWeave’s concentration and take-or-pay structure can support financing but also creates counterparty, renewal and demand-quality risk.

Claim ceiling
No conclusion about customer credit quality or future contract performance.
Evidence
Tier A · MEDIUM-HIGH
Locator
Lines 342–351 and 3001–3041
Linked sources
SRC-0155

CLM-0186 · interpretation

Financing capacity is a distinct permission link: several companies disclose debt, equity, joint-venture, restricted-cash or asset-level financing dependencies that may accelerate or constrain infrastructure deployment.

Claim ceiling
Financing availability does not establish construction completion or operating capacity.
Evidence
Tier A · HIGH mechanism / company-specific outcomes vary
Locator
Financing and liquidity sections

CLM-0187 · interpretation

Pass 07 business-model locations include capex, leases, purchase and power obligations, backlog/RPO, depreciation start, customer concentration, debt and restricted cash, revenue recognition, margin, utilization proxies and cancellation risk.

Claim ceiling
Research ontology only; not valuation or investment analysis.
Evidence
Tier A + CONTROLLING INPUT · HIGH
Locator
Seed Charter §9 and inspected filings

CLM-0188 · interpretation

No inspected public filing establishes C20 sustained economic compute capacity for a named AI data-center project.

Claim ceiling
Company portfolio revenue or backlog cannot substitute for named-site C20 proof.
Evidence
Tier A · HIGH
Locator
Operating, contractual and financial disclosures inspected through cutoff

Record stewardship

What is known, missing and capable of changing the record

Contrary evidence5 linked tests

Review rival propositions before strengthening the claim.

Negative findingsNo linked negative finding

Continue to treat unknown information as unknown, not zero.

Reopen triggers4 active rules

A qualifying evidence delta requires review and rebuild.

Contrary evidence and rival tests

CTR-0048 · Backlog attrition and timing

RPO and order backlog may be recognized over years and may be reduced, deferred, cancelled or rescheduled.

Evidence result:Vertiv discloses cancellation/rescheduling risk; Cloud RPO schedules extend beyond 24–60 months; supplier backlog is undelivered.

Ceiling effect:Backlog is contractual exposure, not utilization or realized revenue.

CTR-0049 · Metric-boundary mismatch

Active power and cabinet utilization do not measure average consumption, MW-IT, accelerator utilization or economic output.

Evidence result:CoreWeave and Equinix use different portfolio metrics and exclusions.

Ceiling effect:No cross-company utilization ranking.

CTR-0052 · Customer concentration risk

Take-or-pay contracts can aid asset financing while concentrating renewal and counterparty exposure.

Evidence result:CoreWeave reports one customer at 67% of 2025 revenue and asset-level debt supported by committed contracts.

Ceiling effect:Private-risk allocation is incomplete, not eliminated.

CTR-0055 · Financing constraint or adaptation

Debt, equity, JV and restricted-cash structures can both enable deployment and reduce flexibility.

Evidence result:Oracle, CoreWeave and Equinix disclose external financing, asset-level debt and joint-venture exposure.

Ceiling effect:Financing is a permission link, not an automatic bottleneck or solution.

What could change this record

  • OIR-0046 · A later periodic filing materially changes company capex, backlog, financing, power, project timing or utilization disclosures used in Pass 07.

    Required update: Inspect new 10-Q/10-K and record only material evidence deltas; do not refresh unchanged metrics each pass.

  • OIR-0048 · A company discloses a public bridge from RPO/backlog to delivered capacity, utilization or recognized revenue at a bounded project.

    Required update: Inspect contract schedule and project state; preserve recognition and delivery timing separately.

  • OIR-0049 · Comparable public utilization, average-load or C20 evidence becomes available for CoreWeave, Equinix xScale or a named operating AI cluster.

    Required update: Normalize meter boundary, time period, denominator, AI share and economic measure before state upgrade.

  • OIR-0050 · CoreWeave customer concentration or material take-or-pay contracts change, terminate, default or are materially diversified.

    Required update: Inspect official filing; update concentration, financing and risk-allocation findings without customer speculation.

Source register

Trace the public record

1 linked source; rights and locators remain attached.

Source records

  1. SRC-0155 — CoreWeave, Inc. — Annual Report on Form 10-K for year ended December 31, 2025

    CoreWeave, Inc. · 2026-02-27 · Tier A

    Locator: Lines 330–351; 3001–3041; active and contracted power, RPO, take-or-pay contracts, concentration and financing

    PUBLIC COMPANY/SEC RECORD — CITE/SUMMARIZE