CoreWeave vs Lambda
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Lambda is a GPU cloud based in San Francisco, United States, privately held. CoreWeave discloses 4.6 GW of contracted power; Lambda 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 | Lambda | |
|---|---|---|
| Type | GPU cloud | GPU cloud |
| Status | Listed, NASDAQ:CRWV | Private |
| Headquarters | Livingston, United States | San Francisco, United States |
| Founded | 2017 | 2012 |
| Market cap or valuation | $29.5Bmarket cap, 13 Nov 2026 | $14.5Bpre-money, 6 Oct 2026 (reported) |
| 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) | NVIDIA |
| Capacity contracts on record | 9$64.1B confirmed value | 3$34.9B confirmed value |
| Named customers | 18 | 3 |
| Debt financings on record | 8 | 3 |
| 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
Lambda
Anthropic committed to spend up to $34.9 billion with Lambda over six years for about 350 MW (Anthropic registration statement, November 2026). Lambda's contracted backlog was reported at about $50 billion in September 2026, up from $15 billion in June 2026 (TechCrunch and WSJ reporting). On 4 November 2026 Lambda announced plans for a data center campus in Lowndes County, Alabama, with an investment of more than $33 billion in the state (company announcement). Anthropic's registration statement amendment of 10 November 2026 states that Lambda did not secure the facility lease for the August 2026 agreement by the specified date, that the agreement is terminable by either party, and that Anthropic does not currently intend to terminate it. On 27 September 2026 Lambda announced plans for a data center at MidAmerica Industrial Park in Mayes County, Oklahoma, with up to 1,000 construction jobs and about $500 million of taxes over ten years; capacity and timeline were not stated (company announcement). Reported, not confirmed by the company.
Sources: techcrunch.com, datacenterdynamics.com, financialcontent.com, lambda.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.
Lambda 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.
Lambda: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 31 Aug 2026 | Anthropic | Capacity contract | $34.9B | 350 MW | 6 yr | Confirmed |
| 5 Sep 2025 | NVIDIA | Capacity contract | $1.5Breported | — | 4 yr | Reported |
| 3 Nov 2025 | Microsoft | Capacity contract | undisclosed | — | — | 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).
Lambda
Lambda closed a $926 million GPU-backed term loan B rated Baa2 by Moody's in August 2026 (lead left arranger Morgan Stanley) and a $1.01 billion GPU financing rated Baa1 by Moody's and A (low) by DBRS on 1 October 2026 (coordinating lead arranger J.P. Morgan) (company announcements).
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Lambda is a private company with no publicly traded shares (checked 15 Nov 2026). Its latest disclosed valuation is $14.5B pre-money (6 Oct 2026) (reported).
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A figure is out of date? Send the filing or the release.