CoreWeave vs IREN
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. IREN is a GPU cloud that began as a bitcoin miner based in Sydney, Australia, listed as NASDAQ:IREN. CoreWeave discloses 4.6 GW of contracted power; IREN discloses 300 MW 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 | IREN | |
|---|---|---|
| Type | GPU cloud | GPU cloudMiner pivot |
| Status | Listed, NASDAQ:CRWV | Listed, NASDAQ:IREN |
| Headquarters | Livingston, United States | Sydney, Australia |
| Founded | 2017 | 2018 |
| Market capitalisation | $29.5Bmarket cap, 13 Nov 2026 | $7.71Bmarket cap, 13 Nov 2026 |
| Power under contract | 4.6 GWas disclosed | 300 MWas disclosed |
| Power in operation | 1.7 GW | not disclosed |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | $20.3Brevenue backlog, FQ1 2027 |
| Chips | NVIDIA (Hopper, Blackwell) | NVIDIA GB300 NVL72; H100 |
| Capacity contracts on record | 9$64.1B confirmed value | 4$13.1B confirmed value |
| Named customers | 18 | 3 |
| Debt financings on record | 8 | 3 |
| 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.
Same type, different origin
Both are GPU clouds. IREN began as a bitcoin miner and brings power sites it already controlled; CoreWeave was built for AI compute from the start. For a former miner, read how much of the stated power is contracted for AI workloads, which the capacity notes below quote.
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
IREN
IREN reported more than 5 GW of secured power, a contracted AI cloud program of more than $4 billion in annualized revenue covering 0.3 GW of IT capacity, now targeted for January-February 2027, and a revenue backlog of $20.3 billion (results for the quarter ended 30 September 2026). It targets 0.8 GW of data center capacity by the end of 2027.
Sources: sec.gov, sec.gov, sec.gov. 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.
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.
IREN only: Microsoft, Nvidia.
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.
IREN: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 3 Nov 2025 | Microsoft | Capacity contract | $9.7B | 200 MW | 5 yr | Confirmed |
| 7 May 2026 | NVIDIA | Capacity contract | $3.4B | 60 MW | 5 yr | Confirmed |
| 5 Nov 2026 | Undisclosed frontier AI lab | Capacity contract | undisclosed | — | — | Confirmed |
| 12 Oct 2026 | Anthropic | Capacity contract | undisclosed | — | — | Reported |
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).
IREN
IREN issued about $3 billion of convertible notes in the quarter ended 30 June 2026 and drew $2.36 billion from financing facilities in the quarter ended 30 September 2026 (quarterly results). In May 2026 it signed a $3.6 billion GPU financing for its Microsoft contract arranged by Goldman Sachs and JPMorgan (current report).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
IREN is listed as NASDAQ:IREN. Its market capitalisation was $7.71B on 13 Nov 2026.
All listed neoclouds with the same columns: publicly listed neoclouds, by fundamentals.
Other comparisons
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- CoreWeave vs Applied Digital
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- IREN vs Nebius
A figure is out of date? Send the filing or the release.