CoreWeave vs Core Scientific
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Core Scientific is a capacity landlord that began as a bitcoin miner based in Austin, United States, listed as NASDAQ:CORZ. CoreWeave discloses 4.6 GW of contracted power; Core Scientific discloses 1.1 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 | Core Scientific | |
|---|---|---|
| Type | GPU cloud | Capacity landlordMiner pivot |
| Status | Listed, NASDAQ:CRWV | Listed, NASDAQ:CORZ |
| Headquarters | Livingston, United States | Austin, United States |
| Founded | 2017 | 2017 |
| Market capitalisation | $29.5Bmarket cap, 13 Nov 2026 | $4.68Bmarket cap, 13 Nov 2026 |
| Power under contract | 4.6 GWas disclosed | 1.1 GWas disclosed |
| Power in operation | 1.7 GW | 485 MW |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | $24Bcontracted revenue, Q3 2026 |
| Chips | NVIDIA (Hopper, Blackwell) | not disclosed |
| Capacity contracts on record | 9$64.1B confirmed value | 2 |
| Named customers | 18 | 2 |
| Debt financings on record | 8 | not disclosed |
| Record checked | 15 Nov 2026 | 9 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. Core Scientific 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
Core Scientific
Core Scientific reported about 1.1 GW of customer-contracted power, including 590 MW for CoreWeave and about 530 MW for AMD and an AMD-backed cloud customer, about 485 MW billing at 30 September 2026, and more than $24 billion of total contracted revenue (Q3 2026 results presentation, 5 November 2026).
Sources: sec.gov, sec.gov, datacenterdynamics.com. Checked 9 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 Core Scientific
- 3 Jun 2024: A series of 12-year hosting contracts, later expanded to about 590 MW of critical IT; no single total value was disclosed. 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.
Core Scientific only: CoreWeave, AMD.
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.
Core Scientific: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 3 Jun 2024 | CoreWeave | Colocation lease | undisclosed | 590 MW | 12 yr | Confirmed |
| 28 Jul 2026 | AMD | Colocation lease | undisclosed | 500 MW | — | 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).
Core Scientific
Long-term debt was $4.30 billion at 30 September 2026, including $3.3 billion of senior secured notes due 2031 serviced from CoreWeave rent and convertible notes issued in 2024 (Q3 2026 results).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Core Scientific is listed as NASDAQ:CORZ. Its market capitalisation was $4.68B 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.