The Real Eisman Playbook Inside the Data Center Boom: Understanding the Massive Infrastructure That Supports AI
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Oct 26, 2025 Nick Del Deo, a digital infrastructure analyst at MoffettNathanson, joins to shed light on the booming data center industry. He explains the transition to private markets and contrasts business models of major players like Digital Realty and Equinix. The discussion dives into the impact of AI on data center economics, revealing how power constraints interplay with explosive demand. Del Deo also explores CoreWeave's rapid ascent, repurposing of crypto sites for AI, and the challenges of building infrastructure amid tight power supplies.
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CoreWeave's GPU-Focused Model
- CoreWeave operates a purpose-built GPU cloud and leases facilities while owning the equipment.
- They focus on high-power, liquid-cooled sites optimized for AI workloads.
CoreWeave's Explosive Revenue Growth
- CoreWeave grew from ~$16M revenue in 2022 to an estimated $5.3B in 2025.
- The company scaled extremely fast by securing GPU supply and large hyperscaler customers.
GPU Contracts Drive Massive CapEx
- CoreWeave's CapEx runs in the tens of billions to support GPU contracts, rivaling major corporates.
- Supporting a multi-billion-dollar contract can require many times that in equipment CapEx.