CoreWeave vs Applied Digital
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Applied Digital is a capacity landlord based in Dallas, United States, listed as NASDAQ:APLD. CoreWeave discloses 4.6 GW of contracted power; Applied Digital discloses 1.41 GW of contracted power.
This page sets disclosed facts next to each other. It does not rank the two companies and carries no share prices, price targets or ratings. EveryNeo is an independent informational project. Nothing here is investment, legal or financial advice. Disclaimer
Side by side
| CoreWeave | Applied Digital | |
|---|---|---|
| Type | GPU cloud | Capacity landlordData center developer |
| Status | Listed, NASDAQ:CRWV | Listed, NASDAQ:APLD |
| Headquarters | Livingston, United States | Dallas, United States |
| Founded | 2017 | 2021 |
| Market capitalisation | $29.5Bmarket cap, 13 Nov 2026 | $4.83Bmarket cap, 13 Nov 2026 |
| Power under contract | 4.6 GWas disclosed | 1.41 GWas disclosed |
| Power in operation | 1.7 GW | 250 MW |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | $36Bcontracted revenue, FQ1 2027 |
| Chips | NVIDIA (Hopper, Blackwell) | not disclosed |
| Capacity contracts on record | 9$64.1B confirmed value | 3$17.2B confirmed value |
| Named customers | 18 | 2 |
| Debt financings on record | 8 | 3 |
| Record checked | 15 Nov 2026 | 10 Nov 2026 |
Each figure is the company's own disclosure or a named report, with the source on the company profile. "Not disclosed" means no public source states the figure.
Two different business models
CoreWeave is a GPU cloud: it sells GPU hours, clusters or bare metal on a fleet it operates. Applied Digital is a capacity landlord: it sells megawatts (powered shell, colocation or hosting) to clouds, labs and hyperscalers, and does not sell GPU hours. Their megawatts are not the same thing. A capacity landlord's megawatts are leased to a tenant that owns the GPUs; a GPU cloud's megawatts carry its own fleet, which it must buy and finance.
Capacity and backlog, as each company states them
CoreWeave
As of 30 September 2026 CoreWeave reported over 4.6 GW of contracted power, over 1.7 GW of it active, and a revenue backlog of approximately $132.5 billion; it expects more than 1.85 GW of active power at year-end 2026 and capital expenditures of $37 billion to $39 billion for 2026 (Q3 2026 results, 10 November 2026).
Sources: investors.coreweave.com, datacenterdynamics.com, sec.gov, sec.gov. Checked 15 Nov 2026. All facts and sources
Applied Digital
Applied Digital reported about 1.41 GW of leased critical IT capacity across five campuses (Polaris Forge 1-3 in North Dakota, Delta Forge 1 in Louisiana and Delta Forge 2 in Alabama) and about $36 billion of contracted revenue over base terms, about $86 billion including renewals; 250 MW were live at Polaris Forge 1 after the phase delivered on 1 October 2026 (results for the quarter ended 31 August 2026). CoreWeave leases 400 MW at Polaris Forge 1. The company expects initial operations at Polaris Forge 2 in Harwood to bring delivered critical IT load across its North Dakota campuses to 300 MW by the end of calendar 2026 (results for the quarter ended 31 August 2026).
Sources: sec.gov, datacenterdynamics.com, sec.gov. Checked 10 Nov 2026. All facts and sources
Companies define contracted and operating power differently, and a backlog can include options and later phases. Compare a company with itself over time before comparing two companies.
Deals between CoreWeave and Applied Digital
- 28 May 2025: About $7 billion over 15 years for two buildings (250 MW); CoreWeave later took the full 400 MW at Polaris Forge 1, about $11 billion in total. Confirmed
Named customers
No customer on the ledger is named by both companies.
CoreWeave only: OpenAI, Meta, Anthropic, Jane Street, Poolside, Cohere, Cognition, Databricks, Hudson River Trading, Periodic Labs, Runway, Isomorphic Labs, Grammarly, Caterpillar, Bentley Systems, Chan Zuckerberg Initiative, Hippocratic AI, Perplexity.
Applied Digital only: CoreWeave, unnamed investment-grade hyperscalers.
Customers named in company statements, filings or reports, and buyers in the capacity contracts below. A customer missing here has not been named in a public source on the ledger.
CoreWeave: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 1 Mar 2026 | Meta | Capacity contract | $21B | — | — | Confirmed |
| 25 Sep 2025 | Meta | Capacity contract | $14.2B | — | 6 yr | Confirmed |
| 10 Mar 2025 | OpenAI | Capacity contract | $11.9B | — | 5 yr | Confirmed |
| 25 Sep 2025 | OpenAI | Capacity contract | $6.5B | — | — | Confirmed |
| 15 Apr 2026 | Jane Street | Equity + compute | $6B | — | — | Confirmed |
| 15 May 2025 | OpenAI | Capacity contract | $4B | — | — | Confirmed |
3 more on the CoreWeave profile.
Applied Digital: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 28 May 2025 | CoreWeave | Colocation lease | $7B | 250 MW | 15 yr | Confirmed |
| 8 Jun 2026 | Undisclosed tier-one investment-grade hyperscaler | Colocation lease | $5.2B | 210 MW | 15 yr | Confirmed |
| 22 Oct 2025 | Undisclosed U.S. investment-grade hyperscaler | Colocation lease | $5B | 200 MW | 15 yr | Confirmed |
Debt and financing
CoreWeave
CoreWeave closed an $8.5 billion delayed-draw term loan rated A3 by Moody's and A (low) by DBRS on 31 March 2026 and a $3.1 billion publicly syndicated delayed-draw term loan in May 2026 (company announcements). Its Q2 2026 results report more than $10 billion of unsecured notes and convertible bonds issued in 2026, including its first euro-denominated bond. In the third quarter of 2026 it closed a $2.6 billion DDTL 5.5 facility, designed for shorter-duration customer contracts, and raised approximately $4.2 billion through an upsized offering of convertible senior notes (Q3 2026 results, 10 November 2026).
Applied Digital
Total debt was $6.4 billion at 31 August 2026. Applied Digital has issued three series of senior secured notes through project subsidiaries: $2.35 billion (November 2025), $2.15 billion (March 2026) and $1.59 billion of 7.000% notes due 2031 (June 2026) (company filings).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Applied Digital is listed as NASDAQ:APLD. Its market capitalisation was $4.83B on 13 Nov 2026.
All listed neoclouds with the same columns: publicly listed neoclouds, by fundamentals.
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A figure is out of date? Send the filing or the release.