CoreWeave ($CRWV) needs its active data center power to reach 4x to 5x annual additions to generate positive free cash flow, an inflection J.P. Morgan models only in 2030E at a 4.5x ratio. The current cash deficit stems from the sheer pace of building capacity rather than poor economics on individual facilities. Each gigawatt demands roughly $35.0B in upfront capex during its build year against $10B to $15B in stabilized annual revenue and $9.4B in annual cash EBITDA at a 75% margin. Because CoreWeave entered 2026 with 0.85GW of active power while adding 1.0GW during the year, its ratio of active to added capacity sits at just 0.9x. The company cannot self-fund while expanding its footprint fourfold from 1.85GW exiting 2026 to 8GW by 2030. J.P. Morgan projects annual additions will accelerate to 1.5GW in 2027E, keeping the ratio depressed at 1.2x before rising to 2.1x in 2028E on 1.6GW added, 3.1x in 2029E on 1.6GW added, and finally 4.5x in 2030E when adding 1.5GW. As stabilized gigawatts accumulate, cash EBITDA from the mature base expands rapidly enough to absorb the $35.0B per gigawatt capex required for new facilities. The primary downside risk centers on power availability or facility delays that could stretch build cycles beyond planned timelines, which would prolong debt reliance before the installed base reaches critical mass. Investors should track annual megawatt commissioning versus guidance and debt service costs as new sites come online. #CoreWeave# #DataCenters# Report date: 2026-10-16 · JPM