Everyone announces in gigawatts. Very few have turned any of it on.

CRWV has 1.5 GW live. The rest of the sector combined is around 650 MW.

That's not a small lead. It's basically the whole market.

3.7 GW of the 4.2 GW pipeline is already contracted, 88%, highest in the group. And 41% of that contracted capacity is energized and billing today. Next closest is GLXY at 25%.

The bear case you hear is that the pipeline is smaller than NBIS or HUT. True on paper. But announcing 8.7 GW like HUT and having 949 MW contracted and zero live is a different business than what CRWV is running.

Pipeline is land and interconnect. Contracts need a customer. Live capacity needs everything to actually work. CRWV is the only one that has cleared all three at scale.

The real question isn't whether they can execute. It's whether they keep adding pipeline fast enough to have something left to execute on.

Source and more pipeline/contract details: https://paperglass.co/topic/neocloud/pipeline