CoreWeave vs Fluidstack
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Fluidstack is a GPU cloud based in New York, United States, privately held. CoreWeave discloses 4.6 GW of contracted power; Fluidstack does not state its capacity in megawatts.
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 | Fluidstack | |
|---|---|---|
| Type | GPU cloud | GPU cloud |
| Status | Listed, NASDAQ:CRWV | Private |
| Headquarters | Livingston, United States | New York, United States |
| Founded | 2017 | 2017 |
| Market cap or valuation | $29.5Bmarket cap, 13 Nov 2026 | $7.5Bpost-money, Jan 2026 |
| Power under contract | 4.6 GWas disclosed | not disclosed |
| Power in operation | 1.7 GW | not disclosed |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | not disclosed |
| Chips | NVIDIA (Hopper, Blackwell) | Google TPU; NVIDIA |
| Capacity contracts on record | 9$64.1B confirmed value | 1$50B confirmed value |
| Named customers | 18 | 2 |
| Debt financings on record | 8 | 1 |
| Record checked | 15 Nov 2026 | 15 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.
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
Fluidstack
Fluidstack builds and operates data centers for Anthropic under the $50 billion US infrastructure program announced in November 2025 and runs Google TPU clusters. Its leased sites include TeraWulf's Lake Mariner campus in New York (378 MW, TeraWulf Q3 2026 results), Cipher's Barber Lake site in Texas and Hut 8's River Bend campus in Louisiana (245 MW, Hut 8 announcement of December 2025), with Google backstopping the lease payments. On 10 November 2026 DCD reported that Fluidstack had begun construction of its 99-acre Solis Arx campus at Progress Park, Wythe County, Virginia, with more than $1 billion of investment expected (DCD, citing WDJB7).
Sources: fluidstack.io, forbes.com, bloomberg.com, datacenterdynamics.com. Checked 15 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.
Named customers
Named by both: Anthropic.
CoreWeave only: OpenAI, Meta, Jane Street, Poolside, Cohere, Cognition, Databricks, Hudson River Trading, Periodic Labs, Runway, Isomorphic Labs, Grammarly, Caterpillar, Bentley Systems, Chan Zuckerberg Initiative, Hippocratic AI, Perplexity.
Fluidstack only: Google.
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.
Fluidstack: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 12 Nov 2025 | Anthropic | Colocation lease | $50B | — | — | 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).
Fluidstack
Fluidstack's own borrowings are not disclosed. Its landlords finance the sites with project debt backed by its leases, for example Hut 8's $3.25 billion of 6.192% senior secured notes due 2042 for River Bend (indenture dated 30 April 2026).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Fluidstack is a private company with no publicly traded shares (checked 15 Nov 2026). Its latest disclosed valuation is $7.5B post-money (Jan 2026).
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A figure is out of date? Send the filing or the release.