Blockfusion USA said on 16 September 2026 that its subsidiary North East Data has signed a definitive 15-year anchor lease with CoreWeave (NASDAQ: CRWV) for capacity at its Niagara Falls, New York campus, alongside a companion expansion agreement, according to a GlobeNewswire statement.
The 15-year term is the headline figure. Blockfusion did not disclose a dollar value for the lease, a contrast with the $175m figure attached to the non-binding letter of intent that preceded it in June.
The announcement came solely from Blockfusion. Benzinga and Seeking Alpha both carried the same release, and a further wire pickup repeated it without independent reporting. CoreWeave has issued no statement, investor filing or press release of its own confirming the lease, its term or its value.
From LOI to definitive deal
The Niagara Falls agreement has a paper trail. On 30 June 2026, Blockfusion and its prospective merger partner, Blue Acquisition Corp (NASDAQ: BACC), announced non-binding letters of intent for an anchor lease valued at $175m with an unnamed “leading AI customer,” alongside a separate $175m convertible note financing, according to a Data Center Dynamics report at the time.
Thursday’s release appears to convert that arrangement into a named, definitive agreement with CoreWeave. What it does not do is repeat the $175m figure, leaving the lease’s ultimate value undisclosed in the public record.
The timing matters because Blockfusion itself is not yet a public company. It is proceeding toward a listing through a merger with Blue Acquisition Corp valued at roughly $450m, per Data Center Dynamics. The lease news lands ahead of that deal closing, not after Blockfusion has become a listed entity in its own right.
CoreWeave’s losses widen even as leases pile up
Whatever the eventual value of the Niagara Falls capacity, it fits a pattern. CoreWeave has been signing capacity-anchoring leases across multiple sites while running deep losses.
The company reported a net loss of $626m for the quarter ended 30 June 2026, on revenue of $2.575bn, according to its 10-Q filing with the SEC. The prior quarter, ended 31 March, showed a wider $740m net loss on $2.078bn of revenue, per its first-quarter filing.
Revenue has climbed steadily through 2025 and into 2026 even as losses have deepened in dollar terms, a combination that has kept CoreWeave locking in long-dated capacity deals such as the Niagara Falls lease to support demand it says continues to build.
Shares steady after a rough month
CRWV shares traded at $82.8499 as of 11:00 UTC on 16 September, up 2.18% on the day but still down 4.85% over the trailing 20 sessions and well below their 20-day high of $103.3101, based on consolidated US exchange data cited in the announcement.
Short-side positioning had been building into the news. FINRA’s daily short-sale volume ratio for CRWV rose from 0.469 on 9 September to 0.666 on 15 September, the session before the lease was announced, according to FINRA data.
The Niagara Falls site itself is not in question. New York State’s environmental review process logged North East Data’s data-centre project in the city of Niagara Falls as far back as March 2024, according to the state’s Environmental Notice Bulletin, confirming the facility exists and has been under development for well over a year.
What remains outstanding is confirmation from CoreWeave’s side and disclosure of the lease’s value. Market participants will be watching whether CoreWeave addresses the agreement in its next investor update, and whether Blockfusion’s merger with Blue Acquisition Corp closes on the terms disclosed to date.
This article is for information only and is not investment advice or a recommendation to buy or sell any asset. Markets move quickly; figures are correct as sourced at the time of writing. Always do your own research before making financial decisions.
