W.045CoreWeave asked Texas’s governor-elect to let permitted projects finish. About 64% of the power it had contracted was not switched on in mid-2026, and its largest disclosed Texas lease is a quarter delivered

The letter

CoreWeave offered to work with Texas’s incoming governor on the projects it has under way. In a two-page letter dated November 7, reported by Bloomberg, chief executive Michael Intrator offered to work with Gina Hinojosa’s transition team on the completion of permitted projects and on standards for future development, Investing.com reported. The letter restates her position that data center growth must work for Texans and says CoreWeave strongly supports her principles. According to FourWeekMBA’s account of the pages, which were posted on X, the letter welcomes her clarification that currently permitted projects can finish, says CoreWeave pays for the substations and transmission upgrades its new grid connections need so that the costs are not passed on to households, and says its new capacity uses closed-loop liquid cooling. It lists active facilities in Austin, Denton, Dickens County, Plano, Richardson and Round Rock. Its only power figures are company-wide, the ones below; it gives no Texas megawatts and no dollar figures. No reply from Hinojosa’s team had been reported.

Hinojosa, a Democrat, won on November 3 and takes office in January. On November 5 she said Texas needs to stop what it is doing with data centers until there are protections for residents; reports of her later remarks say permitted projects could finish and a pause would apply to new permits, but we found no transcript. Texas had already slowed the pipeline under her Republican predecessor: on August 3, Gov. Greg Abbott ordered the state’s utility regulator and grid operator to audit data centers in the grid connection queue, and on September 21 he told the state environmental regulator to halt data center permits until that audit is done. CoreWeave reports its third quarter on November 10.

What is built and what is not

Most of what CoreWeave had contracted was not running at mid-year. It reported active power of 1.5 GW or more at June 30, across 51 data centers, about 3.2 times the roughly 470 MW a year earlier. Contracted power reached about 4.2 GW by August 11, 1.9 times the 2.2 GW of June 30, 2025. The difference, up to about 2.7 GW or 64% of the contracted total, is capacity CoreWeave has agreed to take but had not switched on; the two figures are six weeks apart, so this is an approximation. CoreWeave does not say how much of either is in Texas.

The largest Texas site with public megawatts is mostly unbuilt. Galaxy leases CoreWeave 526 MW of critical IT load, 800 MW of gross power, at its Helios campus in Dickens County, over 15-year base terms. Galaxy delivered all 133 MW of the first phase by the end of June. The second phase, 260 MW, is fully financed and under construction, with data hall deliveries scheduled to begin in the second quarter of 2027; the rest, 133 MW by our arithmetic, has no published date. Galaxy expects more than $1.2B a year in revenue, on average, across the full 526 MW. On October 27 it reported 830 MW of approved capacity at Helios II not yet under lease. The Texas pack lists Helios among the grid-tied campuses that already hold ERCOT approval.

One other location has a public figure. Core Scientific said in February 2025 that an expansion for CoreWeave would bring its Denton site to approximately 260 MW of critical IT, adding about $1.2 billion of contracted revenue, part of about 590 MW it has committed to CoreWeave across six sites. CoreWeave announced a $1.6 billion, 450,000-square-foot facility in Plano in July 2023, without a megawatt figure. We found no capacity figures for Austin, Richardson or Round Rock.

The backlog and the balance sheet

CoreWeave’s contracted revenue stretches about six and a half years out. Its revenue backlog was about $104B at June 30, 3.5 times the $30.1B of a year earlier, and it said more than $25B of net new commitments came in early in the third quarter. Its quarterly filing expects 41% of its $103.7B of remaining performance obligations to be recognized within 24 months and 39% in the following two years. Second-quarter revenue was $2.58B, up 112% from a year earlier, a pace of about $10.3B a year. In August it raised its 2026 capital spending guidance to $35–39B.

Its shares and bonds fell after the election. CoreWeave’s shares fell 9.83% to $43.66 on November 5 and were down 47.54% over a month, 24/7 Wall St. reported. Its 9.625% notes due 2032 yielded above 16% on November 6, and the price of five-year default protection was above 1,289 basis points on November 5 before easing to about 1,155 the next day. W.029 covers its debt in detail.