Key Highlights

● CoreWeave is entering India with 240 MW of capacity at AdaniConneX's Taloja campus.

● Second-quarter revenue reached $2,575 million, up about 112% year on year.

● Revenue backlog was about $104 billion, excluding more than $25 billion of new commitments.

● Active power rose by nearly 500 MW to 1.5 GW during the quarter.

Latest verified development

CoreWeave, Inc. (NASDAQ:CRWV) announced on 7 October 2026 that it is entering India, with 240 MW of data-centre capacity at AdaniConneX's Taloja campus in Navi Mumbai. The capacity is in three 80 MW buildings in which CoreWeave will be the sole tenant, with an option to expand by up to 240 MW. It plans to deploy NVIDIA (NASDAQ:NVDA) Vera Rubin systems, open a local office and hire locally.

The first phase is expected to be available in mid-2028, with further capacity in phases. The release discloses no investment amount, lease value or financing, saying only that CoreWeave intends to invest. Chief operating officer Sachin Jain said India has the talent, developers and ambition to become a major centre of AI innovation. The release also cited about 4.2 GW of contracted power as of the August earnings call.

Latest reported results

Second-quarter results, reported on 11 August 2026, showed revenue of $2,575 million, up about 112% from $1,212 million. The company recorded an operating loss of $49 million, adjusted operating income of $128 million, a 5% margin against 16% a year earlier, and adjusted EBITDA of $1,510 million, a 59% margin. The net loss was $626 million, or $1.14 per diluted share.

Capital expenditure was $6,422 million in the quarter and $14,117 million year to date. Active power rose by nearly 500 MW to 1.5 GW, and contracted power was about 3.7 GW at 30 June. Revenue backlog was about $104 billion, excluding more than $25 billion of net new customer commitments added in early third quarter. Backlog is contracted but not yet recognised, so it is not revenue.

What the numbers imply

Adjusted EBITDA of $1,510 million set against a net loss and capital spending of more than four times that figure, in the quarter alone, shows the nature of the business: heavy up-front investment, depreciation and financing costs ahead of the revenue those assets are intended to earn. The company said its scale is beginning to produce operating leverage, a claim that sits alongside an adjusted operating margin that fell year on year in the quarter.

Chief executive Michael Intrator said customer demand is accelerating as enterprise adoption broadens. The release gave no formal guidance, saying forward-looking figures would be provided on the call.

Adjusted net loss was $567 million, against $130 million a year earlier, so losses on that measure widened even as revenue more than doubled. Adjusted measures exclude certain items, which the reconciliation in the release itemises.

Nasdaq-100 inclusion

Nasdaq announced that CoreWeave would be added to the Nasdaq-100 Index before the market opened on Monday 22 June 2026, as part of the index's quarterly changes.

India build and the road to 2028

The Indian build also illustrates long lead times: capacity announced now is expected to become available in mid-2028, so the announcement and any resulting revenue are separated by a considerable period, and by further capital spending the release does not quantify.

Against that horizon, the company's own figures show active power of 1.5 GW today and about 3.7 GW contracted at 30 June, so most of the contracted capacity is still to be brought online.