infrastructureScore 65/100Watch
CoreWeave's $35.5B of lease commitments not-yet-commenced, with power delivery delays to 2028; leasing revenue recognition at risk
“As of June 30, 2026, the Company executed additional lease agreements, primarily for data centers, equipment, and office buildings, that had not yet commenced. The aggregate amount of estimated future undiscounted lease payments associated with such leases is $35.5 billion... As of June 30, 2026, 393 MW of electrical power remained undelivered at the site and was expected to be delivered in phases in 2026 and 2028... 355 MW of electrical power remains undelivered at these sites and are expected to be delivered in phases between 2026 and 2028.”
Why it matters
CoreWeave has committed to $35.5B in future lease obligations, but power delivery constraints and delays (stretching to 2028) create execution risk. Revenue recognition depends on data center completion and power availability. This is a critical supply-side bottleneck.
Investment implication
Power infrastructure providers (electrical distributors, grid operators, utility-scale backup generators) are critical constraints to CoreWeave's expansion. Delays in power delivery directly throttle revenue and capex ROI. Regional utilities and independent power producers (IPPs) supplying data centers face surging demand but face grid capacity limits.