CoreWeave’s valuation discount overlooks lead in data center capacity

CoreWeave just posted Q2 2026 revenue of $2.6 billion, a 112% jump from the same period last year. For a company that was mining cryptocurrency less than a decade ago, that’s quite the career change. Yet shares continue to trade in the $106 to $115 range, a valuation that some analysts argue dramatically undersells what CoreWeave has built. The company now operates roughly 51 active data centers, commands over 1.5 GW of active power, and has contracted power capacity stretching to 3.7 to 4.2 GW. The numbers behind the neocloud giant CoreWeave’s contracted revenue backlog now exceeds $104 billion, with an additional $25 billion in commitments already lined up for Q3 2026. Management has raised full-year 2026 revenue guidance to a range of $12.4 billion to $13.2 billion. Those figures are backed by long-term agreements with Microsoft, Meta, and OpenAI, some extending through 2032. CoreWeave raised over $30 billion in debt and equity capital during 2026 alone, including a $2.6 billion delayed-draw term loan that closed in August. S&P responded with a positive ratings outlook. Active power capacity is expected to push beyond 1.7 GW by year-end 2026, a roughly 13% increase from curr...