NAVI MUMBAI, India—CoreWeave is expanding into India with plans for a 240-megawatt data center project in Navi Mumbai, adding capacity in one of the world’s fastest-growing markets for artificial-intelligence infrastructure.
The company is partnering with AdaniConneX to build three 80-megawatt facilities at the Taloja campus, with the first phase expected to come online by mid-2028. CoreWeave will also open a regional office in India and hire locally.
The agreement gives CoreWeave the option to double capacity if demand supports further expansion.
India has emerged as a major growth market for data centers, with capacity expected to rise from roughly 2.2 gigawatts in 2025 to about 12 gigawatts by 2030.
The project also broadens CoreWeave’s footprint beyond North America and Europe as demand for AI computing continues to rise. Nvidia’s Vera Rubin platform is expected to be used at the site.
CoreWeave has built a $104 billion revenue backlog through agreements with major technology companies including OpenAI, Microsoft, Meta and Anthropic.
The company has also been raising prices as demand exceeds available capacity. CoreWeave increased GPU pricing by 25% in July and followed with another increase in subsequent months.
Contracts signed during the second quarter carried contribution margins five to 10 percentage points above recent quarters, suggesting higher pricing could improve profitability as new capacity comes online.
CoreWeave reported second-quarter revenue of $2.575 billion, up 112% from a year earlier and 24% from the previous quarter. Booked annual recurring revenue from its managed inference business increased from about $1 million to more than $100 million.
The growth has come with significant costs. CoreWeave reported a quarterly net loss of roughly $626 million, while free cash flow remained deeply negative as the company continued investing heavily in data centers and computing infrastructure.
Debt also remains a major concern for investors. CoreWeave had roughly $35 billion in debt at the end of June, while interest expense reached about $640 million during the quarter.
Shares have reflected the tension between rapid AI-driven growth and the company’s heavy financing needs. CoreWeave stock is up roughly 14% in 2026 but remains down sharply over the past year.
The India expansion gives CoreWeave another avenue for growth as it races to add capacity for AI customers while investors continue to watch whether rising revenue and stronger pricing can eventually outweigh its debt load and capital requirements.