It is a procurement metric, not a sales metric. There are three separate stacks and the industry deliberately blurs them.
CoreWeave’s 3.5 GW contracted power and its $99.4B backlog are two different books. How tightly is the second mapped onto the first. They are very tightly, by design, because layer 3 is the collateral for building layer 2.
Is the Neocloud Build Pre-committed? Mostly Yes
CoreWeave. More than 75% of the over $30B exit-2027 ARR target is already contracted. Management says it has already secured sufficient power capacity to deliver on the 2027 target.
What does this mean? The 2027 power is spoken for by the 2027 revenue target that is three-quarters pre-sold. Concentration is severe. Microsoft was ~67% of FY2025 revenue, and no other customer hit 10%. By Q1 2026 the top two customers were 65% of revenue. The model is explicitly multi-year take-or-pay contracts for dedicated GPU capacity, funded with debt and equity against the spread.
Nebius. The Meta deal structure is the clearest evidence. $12B of committed compute purchase beginning in 2027, plus a separate $15B flexible capacity framework. And the capex raise was explicitly to serve it. This increase reflects investments in the 2027 capacity that will come online early next year. They expect these investments to contribute positively to revenue in the first half of 2027, where they already have customer commitments in place. Meta is one such customer. Infrastructure head Korolenk said “been able to secure sites and power and customer commitments for 2027, and so we are ramping up construction activities accordingly.” Sites, power, and customers are procured as a bundle.
IREN. ~85% of the over $4bn year-end ARR target is under contract. IREN says it is selective about allocating capacity before new facilities are commissioned, prioritizing a diversified customer base, while demand from hyperscalers, enterprises, AI developers and frontier labs exceeds both its operational and planned capacity — and it is already in discussions with customers for infrastructure due to come online throughout the 2026 and 2027 programme.
2027 capacity is being sold in 2026. The ~15% unsold isn’t a spot pool — it’s inventory being actively allocated to named counterparties before the concrete cures.
They discount to sell before they build, so they can finance against the contract. They lock in the long term contract at lower rates. Like selling a hot vacation spot with Airbnb at $300 per night versus a 5 year rental lease at $3000 per month. When things are hot the $300 per night is buys every night and when things are pretty hot Airbnb is at 70% capacity.
Brian Wang is a Futurist Thought Leader and a popular Science blogger with 1 million readers per month. His blog Nextbigfuture.com is ranked #1 Science News Blog. It covers many disruptive technology and trends including Space, Robotics, Artificial Intelligence, Medicine, Anti-aging Biotechnology, and Nanotechnology.
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