CoreWeave

“on August 28, 2025, APLD ELN-02 C LLC, a subsidiary of the Company, and CoreWeave entered into a third datacenter lease (the “Building 4 Lease”) for the full capacity of Building 4 at Polaris Forge 1 (“Building 4”), a 150MW data center to be constructed by the Company. The Building 4 Lease brings the total capacity leased by CoreWeave at Polaris Forge 1 to 400MW.”

CoreWeave exercised its option for another 150 MW at Ellendale through a lease with Applied Digital subsidiary APLD ELN-02 C LLC. The approximately $4 billion, 15-year agreement targeted service readiness in mid-2027. The lease announcement date does not establish when its operating term begins.

The lease was signed on 28 August 2025; Applied Digital filed the disclosure on 29 August.

“The first 100 MW data center for CoreWeave to be ready for service in the fourth quarter of calendar 2025. ... The second building, which is expected to house a 150 MW data center, is currently under construction and is expected to be ready for service in the middle of 2026.”

Applied Digital announced two leases at Ellendale together: 100 MW expected in service in the fourth quarter of 2025 and 150 MW by mid-2026, both measured as critical IT load. The roughly 15-year leases had a combined expected value of $7 billion. Applied Digital develops the buildings; CoreWeave leases capacity there.

“The 70 MW of additional contracted power at the Denton site increases the full critical IT load to approximately 260 MW.”

The 70 MW expansion brings Denton to approximately 260 MW of critical IT load under a 12-year base term with two five-year renewal options. The same release describes about 590 MW across six Core Scientific sites serving CoreWeave.

“The 100 MW Muskogee data center will provide approximately 70 MW of critical IT load to power the latest generation of NVIDIA GPUs.”

Muskogee, Oklahoma. The groundbreaking announcement describes 70 MW of critical IT load within a 100 MW site; the remaining approximately 30 MW supports ancillary systems.

“Core Scientific will deliver approximately 200 megawatts ("MW") of infrastructure to host CoreWeave's high-performance compute ("HPC") operations.”

This June 2024 agreement covers several existing Core Scientific sites. Approximately $300 million of Core Scientific-funded construction costs would be credited against hosting fees. The release separately recalls an earlier March agreement for 16 MW at Austin.

“CoreWeave exercised its first option under its 15-year lease agreement with Galaxy... for the uptake of an additional 260 MW of incremental critical IT load”

CoreWeave exercised its first option under the March 2025 Helios lease. The agreements for Phases I and II cover approximately 393 MW of planned critical IT load within 600 MW gross. Phase II data halls were expected from the first half of 2027. Galaxy’s later 2025 year-end presentation gives a 15-year base contract term for the combined Phases I–III.

Galaxy’s 2025 year-end presentation: combined Helios contract term ↗

“133 megawatt ("MW") lease agreement... previously announced on March 28, 2025”

The first Helios phase provides approximately 133 MW of critical IT load within 200 MW gross. The April release recalls the 15-year lease announced on 28 March. That announcement date does not establish the start of the lease term.

Galaxy’s 23 April 2025 release refers back to the lease announcement of 28 March.

“Meta has initially committed to pay the Company up to approximately $14.2 billion through December 14, 2031 under the Order Form, with the option to materially expand its commitment through 2032 for additional cloud computing capacity under the Order Form.”

CoreWeave’s filing records Meta’s commitment of up to approximately $14.2 billion through 14 December 2031, with an option to expand through 2032.

“We recognized an aggregate of approximately 67% of our revenue from our top customer, Microsoft, for the year ended December 31, 2025. We recognized an aggregate of approximately 77% of our revenue from our top two customers for the year ended December 31, 2024. We recognized an aggregate of approximately 73% of our revenue for the year ended December 31, 2023, from our top three customers. None of our other customers represented 10% or more of our revenue for the year ended December 31, 2025.”

Microsoft accounted for 67% of CoreWeave’s 2025 revenue. The filing identifies Microsoft as a customer but gives no facility or power allocation. Its 77% figure for 2024 concerns the top two customers together and cannot establish Microsoft’s share in that year.

“OpenAI has committed to pay the Company up to approximately $6.5 billion through May 31, 2031”

The 23 September order falls under CoreWeave’s May 2025 agreement with OpenAI, a separate agreement from the one signed in March. It commits OpenAI to payments of up to approximately $6.5 billion through 31 May 2031. CoreWeave’s accompanying release puts cumulative OpenAI contract value at up to approximately $22.4 billion.

“up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI”

CoreWeave’s registration statement describes its agreement with OpenAI OpCo, LLC, effective 7 March 2025. It reports up to $11.9 billion in payments through October 2030, subject to delivery and service availability, and up to $11.55 billion in future revenue. The filing explains that recognized revenue will be offset by the value of the $350 million in shares issued to OpenAI.