Neocloud · updated 2026-08-13
How much of neocloud contracted power is actually running?
Share of contracted capacity that is live and generating revenue, from each company's own filings.
The market values these companies on total contracted capacity. But revenue only comes from power that is actually running. CoreWeave is already closing that gap, while most of the sector's capacity is still on paper. Activation rate is the only public measure of how far along that journey each company really is.
| Company | Contracted | Live | Rate | Company's term | As of |
|---|---|---|---|---|---|
| CoreWeave | 3.7 GW | 1.5 GW | 41% | active power · gross power | 2026-08-11 |
| Galaxy | 526 MW | 133 MW | 25% | delivered critical IT load · critical IT load | 2026-08-05 |
| Applied Digital | 1.4 GW | 175 MW | 13% | live capacity · critical IT load | 2026-07-27 |
| TeraWulf | 839 MW | 102 MW | 12% | revenue-generating critical IT capacity · critical IT load | 2026-08-05 |
| IREN | 480 MW | 50 MW | 10% | delivered and accepted capacity · gross power (contracted) / IT load (live) | 2026-08-13 |
| Riot | 241 MW | 25 MW | 10% | commissioned capacity online · critical IT load | 2026-08-10 |
| Nebius | 3.5 GW | 100 MW | 2.9% | active power · gross power | 2026-05-13 |
| Hut 8 | 949 MW | 0 MW | 0% | AI data center deliveries · critical IT load | 2026-08-04 |
| Cipher Digital | 493 MW | n/d | n/d | delivered / in-service capacity · critical IT load | 2026-08-04 |
Methodology: how these numbers are made, and their limits
Activation rate = Live / Contracted, both from the same company's own disclosures.
Standard tiers
- pipeline: Power the company has secured rights to develop (sites, interconnection, approvals). Weakly binding.
- contracted: Capacity locked in by binding contracts, either power supply agreements (CoreWeave, Nebius) or customer leases (data center landlords).
- live: Energized capacity that is serving, or ready to serve, revenue-generating IT equipment.
- Company terminology differs (active power, connected power, in service, live capacity, commissioned). We map each company's disclosed figures to three standard tiers: Pipeline, Contracted, Live. The original term appears next to every number.
- Contracted points in two directions: CoreWeave and Nebius contract power supply, while data center landlords (Hut 8, Applied Digital, Riot, Galaxy) contract customer leases. Both are binding commitments the company must deliver on.
- Some companies report gross facility power (CoreWeave, Nebius, IREN) and others critical IT load (Hut 8, Applied Digital, Riot, Galaxy, TeraWulf). Ratios are unaffected because numerator and denominator always share a basis within a company; absolute bar lengths differ by roughly the PUE factor (~30%).
- Scope is AI/HPC capacity only. Bitcoin mining operations (Riot, Hut 8, TeraWulf, IREN legacy fleets) are excluded throughout.
- Where a company does not disclose a figure, we show 'not disclosed' rather than an estimate. Undisclosed is information.
- Companies report on different dates. Every number carries its own as-of date and updates whenever a company files a new figure, not on a fixed quarterly schedule.
Known limitations
- Nebius has not updated its live (active power) figure since November 2025; its ratio mixes a May 2026 denominator with a late-2025 numerator.
- TeraWulf's contracted figure is paperglass's sum of individually disclosed leases; the company has not stated an aggregate since October 2025.
- Some figures come from earnings-call materials and shareholder letters rather than audited financial statements.
Last updated 2026-08-16
Sources
CoreWeave
Galaxy
- “bringing its total power pipeline to over 5.7 GW” — Q2 2026 earnings release (8-K), 2026-08-05 · filing
- “Reflects anticipated average annual revenue across the full 526MW of contracted critical IT load over the lease term.” — Q1 2026 earnings release (8-K), 2026-04-28 · filing
- “all 133 MW of critical IT load under the Phase I lease in service by quarter end” — Q2 2026 earnings release (8-K), 2026-08-05 · filing
Applied Digital
- “we have secured 1.4 gigawatts ('GW') of contracted critical IT load, representing approximately $36 billion in total contracted lease revenue” — FY26 Q4 earnings release (8-K), 2026-07-27 · filing
- “Ready for Service for Phase 1 of Building 2 (75 MW) at Polaris Forge 1 on schedule, bringing total live capacity at the campus to 175 MW” — FY26 Q4 earnings release (8-K), 2026-07-27 · filing
TeraWulf
- “102 MW of revenue-generating critical IT capacity online at Lake Mariner, with an additional 336 MW under construction and delivery expected within cost and schedule guidance” — Q2 2026 earnings release (8-K), 2026-08-05 · filing
- “Entered into a 20-year data center lease with Anthropic for approximately 401 MW of critical IT capacity at the Justified Data Campus” — Q2 2026 earnings release (8-K), 2026-08-05 · filing
- “As a result of this transaction, TeraWulf's contracted HPC platform now exceeds 510 MW of critical IT load” — Fluidstack expansion 8-K (ex-99.1), 2025-10-28 · filing
note: Committed (839 MW) is paperglass's sum of disclosed lease capacity: 438 MW at Lake Mariner (102 online + 336 under construction) plus the 401 MW Anthropic lease at Justified. The company's own last stated total was 'exceeds 510 MW' (Oct 2025), before the Anthropic lease.
note: The divested Abernathy JV (168 MW) is excluded following the announced sale of TeraWulf's interest.
IREN
- “2026 expansion to 480MW on track with Horizon 1-4 expected for delivery by year-end, with operational capacity fully contracted.” — Q3 FY26 results (8-K), 2026-05-07 · filing
- “Horizon 1 has been delivered to and accepted by Microsoft. Horizon 1 is the first of four 50MW (IT load) direct-to-chip liquid cooled AI Cloud deployments scheduled for delivery to Microsoft at IREN's Childress, Texas campus in 2026 under a five-year, $9.7bn cloud services contract.” — Business Update (8-K), 2026-08-13 · filing
note: Contracted 480MW is gross power; live 50MW (Horizon 1) is IT load. Bases differ by approximately the PUE factor (~1.1x for liquid-cooled). Actual activation rate is slightly higher than the displayed figure.
note: FY2026 full-year results are scheduled for August 27, 2026 and may include updated figures.
note: Horizons 2-4 (additional 3x50MW to Microsoft) are on track for delivery later in 2026.
Riot
- “Together with the AMD lease, the Company has contracted 241 MW of critical IT capacity with two of the most significant companies in the AI ecosystem” — Q2 2026 earnings release (8-K ex-99.1), 2026-08-10 · filing
- “Riot completed delivery of the final 20 MW of AMD's initial deployment, bringing the full 25 MW of commissioned capacity online, on time and on budget” — Q2 2026 earnings release (8-K ex-99.1), 2026-08-10 · filing
note: Bitcoin mining operations (the majority of Riot's energized power today) are excluded from this page's scope.
Nebius
- “Contracted capacity already exceeds 3.5 GW, far surpassing the goal of 3 GW we set for the end of the year.” — Q1 2026 shareholder letter (6-K ex-99.2), 2026-05-13 · filing
- “We are on track for 220 MW of connected power and 100 MW of active power by the end of 2025” — Q3 2025 shareholder letter (6-K ex-99.2), 2025-11-12 · filing
- “(3) active power, or power being consumed by installed, operational IT equipment and available for revenue generation” — Q1 2026 shareholder letter (6-K ex-99.2), 2026-05-13 · filing
note: Live is the company's 'on track' year-end 2025 statement from November 2025; no updated active or connected figure has been disclosed in 2026 letters.
note: Nebius also reports 220 MW of connected power (built and powered data centers); we use active power to match the revenue-generating standard applied to every company.
note: Company guides 800 MW-1 GW connected by end of 2026 and now targets 5 GW contracted by year-end (Aug 2026 letter).
Hut 8
- “949 MW of contracted IT capacity, approximately $26.6 billion of expected aggregate base-term contract value” — Q2 2026 earnings release (8-K ex-99.1), 2026-08-04 · filing
- “targeted for initial energization in the first quarter of 2027 and initial data hall delivery in the third quarter of 2027” — Q2 2026 earnings release (8-K ex-99.1), on Beacon Point, 2026-08-04 · filing
- “Entered the Company's next phase of platform growth with a 8,375 MW development pipeline” — Q1 2026 earnings release (8-K ex-99.1), 2026-05-06 · filing
note: Live of zero refers to AI data center lease deliveries only: first deliveries are scheduled for 2027 at both campuses. Hut 8's Bitcoin mining, ASIC colocation, and power businesses operate today and are excluded from this page's scope.
Cipher Digital
- “Developing Black Pearl (300 Gross MW / 216 MW Critical IT Load), leased to AWS (Amazon), 15-year base lease term.” — Investor presentation filed with 8-K (ex-99.01), 2026-02-03 · filing
- “Cipher will deliver an additional 39 MW of critical IT load... Fluidstack will increase the size of its original transaction and will lease the entire 300 MW of capacity at Cipher's Barber Lake site” — Fluidstack expansion 8-K (ex-99.01), 2025-11-20 · filing
- “Developing Stingray (70 MW Critical IT Load), leased to AWS” — Investor presentation filed with 8-K (ex-99.01), 2026-06-08 · filing
- “First data center capacity at Black Pearl delivered in August, with rent commenced” — Q2 2026 business update (8-K ex-99.1), 2026-08-04 · filing
note: committedMw=493 is paperglass's sum of three individually announced leases: Barber Lake 207 MW (Fluidstack, full 300 MW gross site), Black Pearl 216 MW (AWS), Stingray 70 MW (AWS). Cipher has not disclosed an aggregate contracted figure.
note: Barber Lake: 168 MW initial Fluidstack lease (Sep 2025) + 39 MW expansion (Nov 2025) = 207 MW. Gross site capacity is 300 MW. Expected initial delivery September 2026; rental payments commence October 2026. Not live as of Aug 4 filing.
note: Black Pearl: first capacity delivered August 2026 (two months ahead of schedule), rent commenced, tenant in partial occupancy. MW amount of initial delivery not disclosed. Remaining Phase I data halls in MEP fit-out; Phase II in foundations/steel.
note: Stingray: under construction, expected delivery 1H 2027. Not live.
note: liveMw is null because no specific delivered MW figure has been disclosed for any site.
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