Overview
- CoreWeave disclosed contracts that extend use of Nvidia A100 GPUs into 2029 and reported $2.58 billion in quarterly revenue with a $104 billion backlog plus more than $25 billion in new commitments since July.
- The company said pricing for prior‑generation GPU SKUs is at or above past levels and that only a small share of its fleet is up for renewal, supporting stable older‑generation average selling prices.
- CoreWeave’s contracted power stands at 4.2 gigawatts while roughly 1.5 gigawatts are online, so customer commitments already exceed the company’s current deliverable capacity by nearly threefold.
- Technical limits explain part of the market: an air‑cooled DGX A100 draws about 6.5 kW and fits legacy halls designed for ~20 kW per rack, while Nvidia’s latest GB200/GB300 NVL72 racks draw roughly 120–140 kW and require direct‑to‑chip liquid cooling.
- The gap between installed infrastructure and new rack power needs is shaping second‑order effects for the industry by prolonging the commercial life and resale value of older GPUs and by altering depreciation and financing assumptions for data‑center investments.