CoreWeave Inc.
CoreWeave Says Data Center Backlash Won't Derail 8 GW Goal
On Tuesday, during its second-quarter earnings call, Evercore ISI analyst Irvin Liu asked CoreWeave executives whether growing regulatory resistance could threaten the company's expansion plans.
Specifically, he questioned CoreWeave's ability to deploy more than 3 gigawatts of active power by the end of 2027 and exceed 8 GW by 2030.
CEO Mike Intrator said the company remains confident.
"Moratoriums, they are not going to impact the demand for this infrastructure. They are going to impact where this infrastructure gets built," Intrator said.
He said CoreWeave plans to work closely with local governments, utilities and policymakers, while ensuring communities benefit from data center development through grid investments, construction jobs, long-term employment and tax revenue.
CoreWeave Has Nearly 6 GW of Power In Sight
CFO Nitin Agrawal said CoreWeave currently has 4.2 GW of contracted power, along with roughly 1.5 GW of powered-land options and letters of intent, giving the company visibility into nearly 6 GW.
That puts CoreWeave "well on track" toward its more than 8 GW active-power goal by 2030, Agrawal said.
New York Data Center Moratorium Highlights the Challenge
The comments come after Gov. Kathy Hochul (D-N.Y.) imposed a statewide pause of up to one year on state environmental permits for new hyperscale data centers consuming 50 MW or more.
The move reflects growing concerns about electricity demand, grid infrastructure, water use and whether host communities receive enough economic benefits.
President Donald Trump and other critics have argued such restrictions could push investment, jobs and tax revenue to states more willing to accommodate AI infrastructure.
CoreWeave Q2 Revenue Tops Estimates
CoreWeave posted second-quarter revenue of $2.58 billion, narrowly topping analysts' $2.56 billion estimate, while its adjusted loss of $1.03 per share was better than the expected $1.22 loss.
Revenue surged 112.5% year over year and the company ended the quarter with a $104 billion revenue backlog, which CoreWeave attributed to "unprecedented demand" for its cloud services.
Price Action: CoreWeave closed at $90.32 on Tuesday, up 2.42%. The shares jumped 15.72% to $104.52 in after-hours trading, according to Benzinga Pro.
According to Benzinga Edge Stock Rankings, CoreWeave currently carries a bearish outlook across the short-, medium- and long-term time frames.
