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CoreWeave (CRWV), a cloud-based GPU-as-a-Service provider, has been on a veritable power-contracting binge ever since its IPO back in March, with contracts for around 700MW of power added since the March S-1 filing alone, as per a tabulation by Barclays.
As a refresher, CoreWeave rents out NVIDIA's GPUs on the cloud, all packaged within an infrastructure that has been optimized to handle AI workloads. The company is able to do so by leveraging its unique partnership with NVIDIA, one that allows it to be among the first to offer access to NVIDIA's latest-gen GPUs at scale.
This brings us to the crux of the matter. Barclays analyst Raimo Lenschow has just penned an interesting note on CoreWeave following its deal with Applied Digital for 250MW of contracted power and data center space announced earlier today. The 15-year lease entails around $7 billion in total revenue for Applied Digital.
As per Lenschow's calculations, CoreWeave has now contracted over 700MW of power commitments for its HPC workloads since its S-1 filing back in March, with ~470MW of contracted power coming from CoreWeave's agreements with Galaxy Digital and Core Scientific, and another 250MW from its agreement with Applied Digital announced today.
Critically, Lenschow believes CoreWeave is now approaching a whopping 2GW of total contracted power capacity, which augurs well for the durable AI demand thesis.
CoreWeave earned $981.632 million in revenue in the first quarter of 2025, which corresponds to a 14 percent beat vs. the consensus estimate. Moreover, its order backlog is currently worth $25.9 billion, and includes orders worth $11.2 billion from OpenAI alone.
The company has projected a Q2 CapEx of between $3 billion and $3.5 billion on projected revenue of between $1.06 billion and $1.1 billion.
CoreWeave shares are up over 5 percent, as of the time of writing. So far this year, the high-flying stock is up a whopping 192 percent, handily eclipsing the gains clocked by the Mag 7 grouping of heavyweight stocks.
About the author: Writing is my one incontrovertible passion. Over the past six years, he has authored over 2,200 distinct articles on financial and tech-related topics, spanning nearly 1 million words. And he has been a member of Wcctech mobile team since 2025. As an alumnus of the University of Toronto, Rotman Commerce Program, I bring nuance, in-depth knowledge, and a unique perspective to every topic that I cover. When I'm not writing, I'm traveling the world, exploring hidden confectionaries and restaurants as an aspiring food connoisseur.
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