The former Ethereum mining operation adds two Swedish data center campuses as it pushes past 1 GW of active power capacity globally
CoreWeave has locked in a colocation deal with Swedish data center operator Conapto, bringing two Stockholm campuses into its rapidly expanding European footprint. The partnership pushes CoreWeave’s European site count to eight and its global data center total to 49.
Initial workloads are already running at Conapto’s Stockholm 4 South facility, with all infrastructure powered by 100% renewable energy.
What CoreWeave is actually building #
CoreWeave, trading publicly under the ticker CRWV, has been on an aggressive infrastructure buildout to meet demand for high-performance AI compute. As of March 31, 2026, the company operates more than 1 GW of active power capacity, with over 3.5 GW contracted.
The Stockholm expansion is designed to support both AI training and inference workloads, leveraging platforms like NVIDIA’s Blackwell and Vera Rubin architectures.
The Conapto partnership is structured as a colocation agreement, meaning CoreWeave deploys its own hardware inside Conapto’s facilities rather than building data centers from the ground up. Conapto provides the building, power, and cooling. CoreWeave fills it with GPUs.
From crypto miner to AI powerhouse #
CoreWeave’s origin story remains one of the more interesting in tech. The company launched in 2017 as Atlantic Crypto, an Ethereum mining operation. When GPU mining became less profitable and AI demand exploded, the company pivoted hard, repurposing its GPU expertise for cloud computing workloads.
Sweden offers abundant renewable energy, cool climates that reduce cooling costs, and a regulatory environment that has been broadly supportive of data center development. European regulators have been increasingly scrutinizing the energy consumption of data centers, and being able to claim 100% renewable power sourcing removes a potential regulatory headache before it starts.
What this means for investors #
CoreWeave’s contracted capacity of 3.5 GW, more than triple its currently active 1 GW, suggests a pipeline of future deployments that could meaningfully increase revenue in the coming quarters.
For crypto-native observers, it’s worth noting that this partnership involves zero blockchain integration, no token launches, and no Web3 components. A tokenized equity version of CRWV does trade on secondary markets, but that’s a market-driven product rather than a company initiative. Investors watching CRWV should track two metrics closely: the conversion rate of contracted capacity to active capacity, and the speed at which new European sites come online. The gap between 1 GW active and 3.5 GW contracted represents either a massive growth runway or a massive execution risk, depending on how quickly CoreWeave can deploy hardware and sign revenue-generating customers at each new location.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our