§ 04QoE adjustment magnitude vs peers
How much does CoreWeave's bridge actually take out of reported EBITDA,
relative to comparable infrastructure businesses? Below: typical QoE
adjustment as a percentage of reported EBITDA, observed across recent
transactions and disclosures.
Adj. EBITDA / Reported EBITDA · indicative
| Company |
Profile |
Rep. EBITDA |
Adj. / Rep. |
Driver |
| CoreWeave (CRWV) |
AI GPU infra · concentrated |
$3.4B '26E |
~70% |
GPU life, concentration |
| Equinix (EQIX) |
Data center · diversified |
$4.2B |
~94% |
long lives, low customer risk |
| Digital Realty (DLR) |
Data center · diversified |
$2.9B |
~92% |
similar to EQIX |
| Iris Energy (IREN) |
GPU + bitcoin · transitional |
$190M |
~62% |
asset mix, segment shift |
| Applied Digital (APLD) |
HPC + crypto hosting |
$45M |
~48% |
single-customer concentration |