CoreWeave says moratoriums will shift data-center locations, not its 8 GW target: Earnings

CoreWeave says moratoriums will shift data-center locations, not its 8 GW target: Earnings

William Foxley

Wed, August 12, 2026 at 5:20 PM GMT+3 3 min read

• CRWV -1.34%

CoreWeave (NASDAQ: CRWV) said data-center moratoriums would shift its construction plans without reducing demand, as the AI cloud operator targets more than 8 GW of active power by 2030. CoreWeave's second-quarter revenue rose 112% year over year to $2.575 billion.

As of Tuesday, the operator held about 4.2 GW in contracted power, with roughly 500 MW added after the June 30 quarter-end. Powered-land options and letters of intent covered another 1.5 GW, taking its contracted and prospective capacity arrangements to nearly 6 GW.

Operating capacity is a separate measure: CoreWeave reported approximately 1.5 GW of active power at quarter-end and is targeting more than 3 GW by the end of 2027, followed by more than 8 GW in 2030.

Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.

Moratoriums change the siting map

Evercore ISI analyst Irvin Liu asked during Tuesday's earnings call whether regulatory resistance could interfere with the expansion schedule. CEO Mike Intrator said local restrictions would redirect projects toward jurisdictions willing and able to support large data-center loads.

"Moratoriums, they are not going to impact the demand for this infrastructure. They are going to impact where this infrastructure gets built," Intrator said.

CoreWeave plans to work with utilities and public officials as it selects sites, Intrator said. He identified grid investment, construction employment, permanent jobs and tax revenue as benefits that host communities could receive from development.

New York's policy illustrates the permitting constraints facing large projects. Gov. Kathy Hochul signed an executive order on July 14 pausing certain state environmental authorizations for new hyperscale data centers for up to one year while agencies develop a broader regulatory framework.

The order covers facilities capable of consuming at least 50 MW that require discretionary approvals from the Department of Environmental Conservation. It does not halt local permitting or affect state applications deemed complete before July 14, as detailed in Blockspace's coverage of the order.

New York's review will examine electricity demand, grid infrastructure, water use, air quality and the distribution of project costs and benefits. State officials are also considering a Grid Acceleration Fund that could require developers to help finance generation, storage or other infrastructure needed for large loads.

The state-level pause does not cover projects below 50 MW or facilities whose primary use is manufacturing, research, education or medical care.

Capacity growth drives spending

CoreWeave ended the second quarter with 51 active data centers after adding eight during 2026. Its active-power footprint expanded by nearly 500 MW during the quarter, according to the company's earnings presentation.

The buildout required $9.352 billion of capital expenditures during the three months ended June 30, up from $2.938 billion a year earlier. CoreWeave reported adjusted EBITDA of $1.510 billion, double the prior-year period, while its adjusted EBITDA margin declined to 59% from 62%.

CoreWeave posted a $626 million GAAP net loss, compared with $290 million in the second quarter of 2025. Adjusted operating income fell to $128 million from $200 million despite the revenue increase.

Revenue backlog reached $104.2 billion at June 30, up 246% from $30.1 billion a year earlier. CoreWeave said that figure excluded more than $25 billion of net new customer commitments secured early in the third quarter, though revenue recognition depends on delivering the contracted capacity and making services available.

Chief Financial Officer Nitin Agrawal said CoreWeave remained "well on track" for its 2030 power target. Reaching it would require converting the company's contracted power into active capacity while securing more sites beyond the nearly 6 GW currently under contract or prospective arrangements.

Stay ahead of AI infrastructure deals. Get Blockspace in your inbox.

CoreWeave shares closed Tuesday at $90.32, up 2.42%, before rising 15.72% after hours to $104.52, according to Benzinga.