CoreWeave vs Nscale
CoreWeave is a GPU cloud based in Livingston, United States, listed as NASDAQ:CRWV. Nscale is a GPU cloud based in London, United Kingdom, private (S-1 filed 2026-09-18, NYSE: NSCL proposed). CoreWeave discloses 4.6 GW of contracted power; Nscale discloses 1.37 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 | Nscale | |
|---|---|---|
| Type | GPU cloud | GPU cloud |
| Status | Listed, NASDAQ:CRWV | Private (S-1 filed 2026-09-18, NYSE: NSCL proposed) |
| Headquarters | Livingston, United States | London, United Kingdom |
| Founded | 2017 | 2024 |
| Market cap or valuation | $29.5Bmarket cap, 13 Nov 2026 | $14.6Bpost-money, 9 Mar 2026 |
| Power under contract | 4.6 GWas disclosed | 1.37 GWas disclosed |
| Power in operation | 1.7 GW | not disclosed |
| Contracted revenue reported | $132.5Brevenue backlog, Q3 2026 | not disclosed |
| GPUs deployed | not disclosed | 25,000 |
| Chips | NVIDIA (Hopper, Blackwell) | NVIDIA (GB300, Vera Rubin NVL72) |
| Capacity contracts on record | 9$64.1B confirmed value | 5$88.4B confirmed value |
| Named customers | 18 | 4 |
| Debt financings on record | 8 | not disclosed |
| Raised, as disclosed | not disclosed | $3.3Bequity and debt |
| 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
Nscale
As of the date of its amended registration statement (12 November 2026) Nscale reported about 1.37 GW of active and contracted capacity (1 GW owned, 200 MW leased, 165 MW colocation) across 7 active and 10 contracted data center sites, about 50,000 active GPUs and about 461,000 active and contracted GPUs, and about $105.8 billion of active and contracted total contract value, of which about $6.4 billion active (registration statement amendment, 12 November 2026).
Sources: sec.gov, nscale.com, nscale.com, techcrunch.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: OpenAI, Anthropic.
CoreWeave only: 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.
Nscale only: Microsoft, Figure AI.
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.
Nscale: largest capacity contracts
| Date | Buyer | Type | Value | Capacity | Term | Status |
|---|---|---|---|---|---|---|
| 19 Oct 2026 | Anthropic | Capacity contract | $45Breported | 460 MW | — | Reported |
| 26 Aug 2026 | Anthropic | Capacity contract | $44.6B | 460 MW | — | Confirmed |
| 15 Oct 2025 | Microsoft | Capacity contract | $43.8B | — | — | Confirmed |
| 16 Sep 2025 | Microsoft | Capacity contract | undisclosed | 50 MW | — | Confirmed |
| 16 Sep 2025 | OpenAI | 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).
Nscale
Nscale's registration statement (18 September 2026) lists GPU facilities of up to $1.85 billion (Ward County), about $1.4 billion and up to $1.2 billion (North Carolina), a $900 million revolver, a data center facility of up to $790 million (Kvandal South) and a Macquarie facility of up to $331.9 million (Iceland). On 25 September 2026 Nscale announced $3.36 billion of pre-IPO convertible loan notes led by Third Point: an initial $2.36 billion tranche at closing and a $1 billion commitment from Nvidia. In its amended registration statement (12 November 2026) Nscale estimated total debt of $5.5 billion at 30 September 2026 (unaudited), against $78.9 million at 31 December 2025, and stated that the Nvidia $1 billion purchase is to close on or around 16 November 2026; the notes convert on completion of the IPO.
Are they publicly traded?
CoreWeave is listed as NASDAQ:CRWV. Its market capitalisation was $29.5B on 13 Nov 2026.
Nscale is not independently listed: private (S-1 filed 2026-09-18, NYSE: NSCL proposed). Its latest disclosed valuation is $14.6B post-money (9 Mar 2026).
Other comparisons
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A figure is out of date? Send the filing or the release.