CoreWeave Denton

Denton, TX | Core Scientific Landlord | OpenAI Customer

Data Center Delayed 260MW Target

Risk Score (±10)*

*Margin reflects source timing variance

↓ -16 pts YTD

Last Reviewed: May 12, 2026

Reviewed May 12, 2026 Sources: CoreWeave WSJ SEC Filings

⚠️ 60+ Day Weather Delays Reported Dec 2025

Summer rainstorms prevented concrete pouring. Design revisions added further delays. Completion pushed to 2026. CoreWeave stock down 56% in 6 months. Failed acquisition of Core Scientific (Oct 2025).

$6.1B

Denton Project

78 acres, 394MW

Verified: Jan 2026

260 MW

Critical IT Load

70MW Feb 2025 expansion

Verified: Jan 2026

2026

Completion

Pushed from late 2025

Verified: Jan 2026

$10.2B

Total CoreWeave

12yr 6 sites

Verified: Jan 2026

-56%

CRWV Stock

6-month decline

Verified: Jan 2026

12-Month Risk Trend

Monthly scores calculated from weighted factor assessments. Historical data reflects month-end evaluations.

Risk Score Breakdown

Four equally-weighted factors. Workforce and power/grid constraints embedded within. Confidence interval reflects data recency and source reliability.

Timeline Adherence

incl. grid queue, permits

Weight: 25%

Funding Security

incl. power agreements

Weight: 25%

Construction Progress

incl. workforce avail.

Weight: 25%

Operator Stability

incl. utility relations

Weight: 25%

Score Change Log

Audit trail of risk score changes with rationale. Full derivation notes available upon request.

Date	Old	New	Change	Rationale
Jan 2026	--	--	--	Monthly review; see RAID log for details

Contact info@hccouncil.org for detailed factor-by-factor scoring derivation.

Key Risks

Investment Thesis

CoreWeave operates GPU cloud infrastructure at its Denton, Texas data center through a $12B Microsoft Azure contract. The company raised $7.5B debt financing in 2024, the largest private credit deal for a tech company. CoreWeave filed for IPO in late 2024 with $2B revenue run rate. Core Scientific hosts CoreWeave at its Denton facility under a $6.6B 200+ MW hosting agreement. CoreWeave specializes in Nvidia GPU clusters for AI training and inference, serving OpenAI, Microsoft, and other AI companies. ERCOT grid constraints and Texas power availability remain key infrastructure challenges. (Sources: CoreWeave S-1 Filing; Core Scientific; Data Center Dynamics)

SOURCES (Click to verify):

SEC Filings CHIPS.gov DOE LPO

RAID Log

Severity: HIGH Critical pathMEDIUM ManageableLOW Minor impact

Risk assessments reviewed monthly. Last review: Jan 9, 2026

Risks

Risk	Impact	Probability	Mitigation
ERCOT grid constraints	HIGH	HIGH	Texas power availability limited
Customer concentration	HIGH	MEDIUM	Microsoft major customer
Nvidia GPU supply	MEDIUM	MEDIUM	H100/Blackwell allocation

Actions

Action	Owner	Due Date	Status
Core Scientific facility conversion	CoreWeave	2024-2025	ACTIVE
Nvidia GPU deployment	Operations	Ongoing	DELAYED
Power infrastructure upgrade	Engineering	Per phase	ACTIVE

Issues

Issue	Severity	Status	Resolution
Critical issues	HIGH	ACTIVE	Remediation in progress

Decisions

Decision	Date	Rationale	Impact
Core Scientific partnership	2024	Bitcoin miner to AI conversion	200MW+ Denton facility
Microsoft partnership	2024	$10B+ compute agreement	Anchor customer for expansion

Upcoming Milestones

Dates from official company announcements and regulatory filings

COMPLETE AchievedCONFIRMED OfficialTARGET GuidancePROJECTED EstimateDELAYED Behind

2026

260 MW Full Energization

$1.2B expansion. OpenAI AI computing. Delayed by summer storms.

DELAYED

2027

590 MW Total Portfolio Live

Six Core Scientific sites. $10.2B contracted revenue. 12-year terms.

PROJECTED

Dec

2029

Transmission Upgrades Complete

New substations. 394 MW power access. 78-acre campus expansion.

TARGET

Dec

2037

12-Year Contract Completion

Largest GPU supercomputer in North America. NVIDIA GPU operations.

CONTRACTED