Highlights

  • CoreWeave announced planned Indian data-centre capacity across three buildings, with an option to add further capacity later.
  • The company expects its first Indian phase in mid-2028 but disclosed no investment amount, lease value or financing.
  • Second-quarter revenue more than doubled, while adjusted operating margin declined and the company reported a substantial net loss.
  • CoreWeave increased active power and retained a large backlog as quarterly capital expenditure significantly exceeded recognised revenue.

India has become the next planned expansion market for CoreWeave (NASDAQ:CRWV), extending a capital-intensive infrastructure programme that already spans substantial contracted power. The company announced 240 MW of planned capacity at AdaniConneX's Taloja campus in Navi Mumbai on 7 October 2026. The first phase is expected in mid-2028, placing delivery well beyond the current reporting period.

Taloja Plan Includes Expansion Option

The initial capacity comprises three 80 MW buildings, with CoreWeave as sole tenant. An option could add up to another 240 MW.

CoreWeave plans to deploy NVIDIA Vera Rubin systems, establish a local office and hire in India. Chief operating officer Sachin Jain highlighted the country's talent base and developer activity in explaining the move.

The announcement did not disclose an investment amount, lease value or financing structure. It also envisaged later capacity arriving in phases. The planned footprint represents future delivery rather than operational capacity generating current revenue.

Sales Double While Losses Continue

Second-quarter results released on 11 August showed revenue of USD 2,575 million, compared with USD 1,212 million a year earlier, an increase of approximately 112%.

The company reported an operating loss of USD 49 million. Adjusted operating income was USD 128 million, with a 5% margin compared with 16% a year earlier. Adjusted EBITDA reached USD 1,510 million, producing a 59% margin.

The net loss was USD 626 million, or USD 1.14 per diluted share. Adjusted net loss was USD 567 million, against USD 130 million a year earlier. Rapid sales growth consequently coexisted with wider losses on the adjusted net measure.

Construction Requires Heavy Upfront Spending

Capital expenditure totalled USD 6,422 million in the quarter and USD 14,117 million for the year to date. Quarterly spending exceeded both recognised revenue and adjusted EBITDA.

The figures reflect a business that commits substantial capital before the associated assets produce their intended revenue. The reported EBITDA margin therefore provides a different perspective from operating income, net income and capital expenditure.

Chief executive Michael Intrator said customer demand was accelerating as enterprise adoption broadened. Management also said scale was beginning to produce operating leverage, although adjusted operating margin declined year on year in the reported quarter.

Backlog Awaits Capacity Delivery

Active power increased by nearly 500 MW to 1.5 GW. Contracted power stood at approximately 3.7 GW at 30 June, while the later India announcement cited about 4.2 GW as of the August earnings call.

Revenue backlog was approximately USD 104 billion, excluding more than USD 25 billion of net new customer commitments added early in the third quarter. Backlog represents contracted business awaiting recognition, rather than revenue already earned.

The results release provided no formal financial guidance, stating that forward-looking figures would be discussed on the call. Those additional figures were not included in the release.

The India plan adds a further delivery timetable to this expansion. Financing terms, construction progress and the movement from contracted to active power will determine how announced capacity becomes operating infrastructure. The unquantified Indian investment remains a separate commitment from the capital expenditure already reported.