CoreWeave has contracted approximately 2GW of power capacity to support its HPC infrastructure workloads.

CoreWeave (CRWV), a cloud-based GPU-as-a-Service provider, has embarked on an aggressive power-contracting expansion since its March IPO. According to a Barclays tabulation, the company has added approximately 700MW of power contracts since its March S-1 filing. CoreWeave rents NVIDIA's GPUs on the cloud within infrastructure optimized for AI workloads, leveraging a unique partnership with NVIDIA that positions it among the first to offer access to NVIDIA's latest-generation GPUs at scale.

Barclays analyst Raimo Lenschow recently published a note following CoreWeave's announcement of a deal with Applied Digital for 250MW of contracted power and data center space. The 15-year lease is valued at approximately $7 billion in total revenue for Applied Digital. Lenschow's calculations show that CoreWeave has now contracted over 700MW of power commitments for its HPC workloads since the March S-1 filing, comprised of approximately 470MW from agreements with Galaxy Digital and Core Scientific, plus the 250MW from today's Applied Digital agreement.

This expansion brings CoreWeave to the threshold of 2GW of total contracted power capacity, a milestone Lenschow views as validation of durable AI demand. The company demonstrated strong financial performance in Q1 2025, earning $981.632 million in revenue—a 14 percent beat versus the consensus estimate. CoreWeave's order backlog currently stands at $25.9 billion, with orders worth $11.2 billion from OpenAI alone.

Looking ahead, CoreWeave has projected Q2 CapEx of between $3 billion and $3.5 billion against projected Q2 revenue of between $1.06 billion and $1.1 billion. CoreWeave shares are up over 5 percent as of the time of writing, with the stock gaining 192 percent year-to-date, substantially outpacing the gains of the Mag 7 grouping of heavyweight stocks.