New Jersey · AI infrastructure · Evidence reviewed October 29, 2026

CoreWeave Kenilworth: A 40 MW AI Facility Inside a Larger Campus Plan

Project stage Under construction

FJI source-qualified: four-document gate met, including project-specific government evidence. Qualification evidence and decisions →

Public approvals, a conditional tax-credit award and financial filings establish a substantial development near New York City. They do not establish operating computing capacity.

CoreWeave is converting a former pharmaceutical research building at 2000 Galloping Hill Road into NEST 11. The investment question is how much of the broader Kenilworth ambition has advanced into infrastructure that customers can use—and which costs and obligations CoreWeave carries before that happens.

Research status: FJI source and corporate-disclosure gates met. Construction is documented; operating capacity remains unverified. This review draws on 18 distinct documents, including municipal, state and SEC records. Whole-project certification is not issued under the current FJI process.

40 MW and 250 MW describe different scopes

CoreWeave’s current community page describes NEST 11 as a planned 40 MW load. Its August 2025 earnings disclosure described a Kenilworth campus of up to 250 MW and targeted an initial phase in 2026. We retain those scopes separately: the reviewed documents do not provide a building-by-building bridge between them. Neither figure is verified operating IT capacity.

What the borough actually approved

Kenilworth’s May 15, 2025 planning minutes record approval of application 25-003 for a laboratory conversion, with two minor variances. Testimony described a roughly 247,000-square-foot building, a 36-acre development portion, 31 generators and 29 chillers. The record says a substation had previously been approved. These are hearing descriptions, not an as-built inventory.

The May 27 minutes record adoption of the approval resolution. The motion uses a different application number from the heading; the signed resolution and stamped plans are needed to close that record discrepancy. We found no current certificate of occupancy or commissioning record in the documents reviewed.

A conditional $250 million award

NJEDA’s award register confirms a $250 million approval dated November 12, 2025. The board memorandum proposes five annual credits of $50 million, conditional on certification and eligibility. Its application appendix lists $1.757842 billion in eligible investment, 143 new jobs and 392,600 square feet—284,500 renovated and 108,100 new. These are application measures, not verified spending, employment or completed floor area.

The same application proposed construction completion on December 31, 2026 and business operations on January 4, 2027. Those dates are historical targets, not completion evidence. NJEDA’s current program notice says the statewide authorization was reduced to $250 million and is fully allocated. Program closure alone does not establish that this award was rescinded or paid.

CoreWeave is both an investor and a future tenant

The 2025 annual filing records a 15% interest when the development venture formed. The June 2026 quarterly filing reports a 35% interest, a $44 million investment carrying value and a 15-year lease starting after construction. Rent is tied to construction costs. The filing also reports $37 million prepaid rent and estimates up to $160 million in additional construction-funding exposure, alongside a separate guarantee of up to $95 million for contingent consideration. These measures overlap different obligations and must not be added into a project cost.

Our analysis: Kenilworth gives CoreWeave exposure to property development as well as computing operations. A delayed handover can postpone usable compute while capital remains committed. Venture ownership does not mean CoreWeave owns the entire former Merck campus, and planned cloud revenue does not establish site profitability.

Why building sizes and acreage differ

The original October 2024 lease announcement described about 280,000 square feet and $1.2 billion in planned investment. Commercial Observer subsequently reported a $322 million building-and-land transaction, describing 280,736 square feet and an adjacent 27 acres. Those figures differ from both the planning testimony and later NJEDA project scope. Dates, renovations, additions and parcel boundaries may explain some differences; the documents do not settle the reconciliation.

We therefore keep acquisition consideration, eligible project investment and the operator’s rounded $1.8 billion announcement separate. We do not add them together or treat all land on the science campus as part of the AI facility.

Power, cooling and sound still need operating evidence

CoreWeave says it is funding roughly $150 million in electrical infrastructure and a substation. It describes closed-loop cooling and predicts property-line sound of 42–49 decibels. These are operator statements. We have not obtained the independent acoustic report, current utility service contract, measured water consumption or clean-energy procurement terms. A closed cooling loop alone does not establish zero water use or the source of electricity.

The original developer announcement identifies PSE&G as the utility partner. PSEG’s current financial statements provide corporate context, not a Kenilworth tariff, site revenue or guaranteed return.

NJDEP identifies the CoreWeave facility under preference number 42759. Its linked record lists air preconstruction activity PCP250001 as approved from October 23, 2025 through October 22, 2030. We verified that metadata, but did not obtain the underlying equipment schedule or operating conditions. The record establishes an air-permitting milestone, not grid energization.

Community concerns are a delivery issue to investigate

News 12 documented construction and resident protests in May 2026, including concerns about notice, noise and environmental effects. Roselle Park’s May 7 agenda packet includes resolution text seeking regional impact information and enforceable safeguards. An agenda item is not proof of adoption; neither public concern nor an operator’s reassurance substitutes for measurement.

New Jersey’s August policy announcement describes energy and water reporting and community-benefit guidance. Determining which requirements apply to this facility needs the underlying rules and project-specific agreements; we make no blanket grandfathering or compliance claim.

The checkpoints that would change the assessment

• Final permits, occupancy and commissioning records for NEST 11, followed by independently supported customer-ready capacity.
• A utility agreement and energized-load record that distinguish the 40 MW facility from the broader campus proposal.
• Published acoustic testing, generator conditions and metered energy and water performance.
• Signed redevelopment terms, incentive compliance and actual phase-specific investment.
• Evidence of installed computing, customer acceptance and site economics.

CoreWeave’s next results call is scheduled for November 10, 2026 at 5 p.m. Eastern. It is a disclosure checkpoint, not a promised Kenilworth update.

For investors, the next consequential evidence is the conversion of approvals and construction into accepted computing service, with clearly assigned costs and obligations. For neighbors, it is enforceable operating conditions and measured performance.

Sources and claim limits

1. CoreWeave — Kenilworth NEST 11 project facts

   NEST 11 is under construction; planned load is 40 MW. Operator describes $1.8 billion investment, approximately $150 million electrical upgrades, closed-loop cooling and modeled noise. Issuer claims; no measured load, water actuals, independent acoustic report or clean-energy contract obtained.

   Document date: not established · Reviewed 2026-10-29 · Project overview, planned capacity and project facts

2. Borough of Kenilworth — Planning Board minutes, May 15, 2025

   Board approved conversion of K11 with two variances; testimony describes about 247,000 square feet, 31 generators, 29 chillers and a 36-acre development portion. Approval and testimony do not establish as-built equipment or occupancy.

   Document date: 2025-05-15 · Reviewed 2026-10-29 · PDF pp. 1–3, application 25-003

3. Borough of Kenilworth — Planning Board minutes, May 27, 2025

   Minutes record adoption of the CoreWeave approval resolution after the May 15 hearing. Minutes inconsistently label the motion 25-006 after heading 25-003; signed resolution remains a follow-up.

   Document date: 2025-05-27 · Reviewed 2026-10-29 · PDF p. 2, CoreWeave resolution

4. NJEDA — November 12, 2025 board memorandum and project appendix

   Project application: $1.757842 billion eligible investment; 392,600 square feet; 143 new full-time jobs; proposed January 4, 2027 business start. Recommended $250 million conditional credits over five years. Application forecasts, eligibility and recommendation; not completed construction, realized jobs, cash disbursed or actual spending.

   Document date: 2025-11-12 · Reviewed 2026-10-29 · PDF pp. 61–70, CoreWeave memorandum and Appendix A

5. NJEDA — Next NJ AI award register

   Register confirms November 12, 2025 approval of $250 million for CoreWeave in Kenilworth. Award approval is not credit issuance or payment; register carries historical allocation information.

   Document date: not established · Reviewed 2026-10-29 · One-page register, CoreWeave row

6. NJEDA — Next NJ AI program closure notice

   Program notice says authorized awards were reduced from $500 million to $250 million and available credits are fully allocated. Program context; does not prove revocation, payment or current compliance of the CoreWeave award.

   Document date: not established · Reviewed 2026-10-29 · Opening notice, August 27, 2026 law

7. NJDEP — NJEMS CoreWeave air-facility record

   State facility record identifies CoreWeave at 2000 Galloping Hill Road, Kenilworth. Facility registration is not operating or commissioning evidence.

   Document date: not established · Reviewed 2026-10-29 · PREF_ID_NUM 42759; SITE_ID 14432

8. NJDEP — Air preconstruction permit activity PCP250001

   New-source air preconstruction activity is approved, dated October 23, 2025 through October 22, 2030. Underlying equipment schedule and permit conditions were not retrieved; not utility energization evidence.

   Document date: 2025-10-23 · Reviewed 2026-10-29 · PREF_ID_NUM 42759, PCP250001

9. CoreWeave / SEC — 2025 Form 10-K

   June 2025 development JV formed with CoreWeave holding 15% and contributing $57 million in net assets. Historical formation terms; do not treat 15% as the current ownership share.

   Document date: not established · Reviewed 2026-10-29 · Unconsolidated joint venture note and Kenilworth risk factors

10. CoreWeave / SEC — Q2 2026 Form 10-Q

    June 30, 2026 JV interest was 35%; 15-year lease starts after construction. Filing discloses $44 million investment carrying value, $37 million lease prepayment and up to $160 million additional construction funding exposure. New Jersey JV note is linked to Kenilworth through the filing’s named-campus risk section; not a site-profit forecast or financing commitment for every phase.

    Document date: not established · Reviewed 2026-10-29 · PDF p. 19 (printed p.16), Note 3; printed pp.77–78 Kenilworth risk

11. CoreWeave / SEC — Q2 2025 earnings release

    Issuer announced up to 250 MW for a Kenilworth campus with initial phase expected in 2026. Campus envelope and dated target; not delivered power or a documented reconciliation to 40 MW NEST 11.

    Document date: 2025-08-12 · Reviewed 2026-10-29 · Business highlights, Kenilworth bullet

12. Onyx Equities — Original NEST 11 lease announcement

    Original announcement described a 280,000-square-foot conversion, planned $1.2 billion investment and PSE&G electrical infrastructure work. Historical company announcement; later structure and investment scope evolved. First-in-New-Jersey wording is not relied on.

    Document date: 2024-10-28 · Reviewed 2026-10-29 · Announcement paragraphs and PSE&G/PSEG statements

13. News 12 New Jersey — Residents protest Kenilworth data center

    Independent reporting describes construction underway and protests over notice, noise and environmental effects. Residents’ concerns are reported concerns, not verified findings of harm.

    Document date: 2026-05-19 · Reviewed 2026-10-29 · Article body, construction and public concerns

14. Commercial Observer — CoreWeave buys N.J. data center site for $322M

    Reports $322 million purchase involving the research building and adjacent 27 acres; describes building at 280,736 square feet. Deed and closing statement not retrieved; acquisition reporting does not resolve JV ownership or phase boundaries.

    Document date: 2025-08-05 · Reviewed 2026-10-29 · Article body, transaction and building description

15. Borough of Roselle Park — May 7, 2026 meeting packet, resolution 111-26

    Packet requests regional information on electrical demand, water, traffic, generator schedules and noise mitigation. Agenda text, not adoption minutes; concern and requested studies do not establish measured impacts.

    Document date: 2026-05-07 · Reviewed 2026-10-29 · PDF pp.14–16, proposed resolution 111-26

16. New Jersey Governor’s Office — August 27, 2026 data-center policy announcement

    State announcement describes new energy/water reporting and municipal community-benefit guidance. General policy context only; applicability and implementation for NEST 11 require project-specific legal/regulatory records.

    Document date: 2026-08-27 · Reviewed 2026-10-29 · Policy announcement, reporting and community benefits

17. CoreWeave — Q3 2026 results date announcement

    Next results call scheduled November 10, 2026 at 5 p.m. Eastern. Corporate checkpoint; no promise of a Kenilworth update.

    Document date: 2026-10-27 · Reviewed 2026-10-29 · Opening announcement

18. PSEG — Q2 2026 earnings release

    PSEG reports Q2 2026 results and identifies its utility business. Corporate context only; no Kenilworth-specific revenues, tariff or return is attributed.

    Document date: 2026-08-04 · Reviewed 2026-10-29 · Q2 financial statements and segment results

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