CoreWeave Signs 15-Year Anchor Lease at Blockfusion's Niagara Falls AI Campus

Blockfusion USA’s subsidiary North East Data, LLC signed a definitive 15-year anchor lease with CoreWeave on 16 September 2026 for capacity at Blockfusion’s hydro-powered campus in Niagara Falls, New York, along with a companion expansion agreement. The deal converts a non-binding letter of intent the two sides announced on 30 June 2026, which had outlined up to 300 MW of total critical IT capacity anchored by an 85 MW take-or-pay commitment — figures the September announcement itself does not repeat.

What is known

Per Blockfusion’s own press release distributed on GlobeNewswire, North East Data’s lease with CoreWeave (Nasdaq: CRWV) runs an initial 15 years with two five-year renewal options, and sits at a campus built on the site of a decommissioned coal-fired power plant at 5380 Frontier Avenue, now being converted into a low-carbon facility for high-density, direct-to-chip liquid-cooled AI infrastructure. The campus draws predominantly on hydroelectric generation in NYISO Zone A through an existing large-scale grid interconnection — the same regional hydro resource that has made upstate New York a recurring draw for power-hungry compute, alongside Meta’s and others’ interest in the area.

Blockfusion is going public via a merger with Blue Acquisition Corp. (Nasdaq: BACC), expected to trade as “BDI.” The June 30 letter of intent this lease converts was itself specific about scale: per that GlobeNewswire release and DCD’s coverage of it, the AI customer (unnamed at the time, now confirmed as CoreWeave) had proposed committing to up to 300 MW of critical IT capacity in tranches, anchored by 85 MW of guaranteed take-or-pay capacity, which Blockfusion estimated would generate roughly $2.8 billion in lease revenue over the 15-year base term, or $5.4 billion if both five-year renewals are exercised. Notably, the definitive agreement announced in September does not restate any of those MW or dollar figures — a gap between the non-binding framework and the signed contract that is worth tracking as more detail emerges.

What this means for the buyer of power

CoreWeave already shows up in our own GPU price tracker as one of the more consistently transparent on-demand quoters — its published list price for GB200 instances (still around $10.50/GPU-hr as of our last update) is one of the few contract anchors we can cite alongside hyperscaler and neocloud figures. A 15-year anchor commitment at a hydro-powered site is the kind of deal that lets a neocloud lock in both power cost stability and a construction timeline, which matters more than headline MW for how fast new GPU capacity actually reaches market — and by extension, how fast on-demand rental prices come down. It also reinforces a broader pattern we track in our migration guide: buyers increasingly chase sites with existing generation and interconnection — old power plants, in this case — rather than waiting years in interconnection queues, the same logic behind the nuclear-adjacent and brownfield-power deals we’ve covered elsewhere. Niagara Falls does not yet have an entry in our global facility catalog or New York state hub; we’ll be watching for a public MW figure worth logging once construction milestones or a further Blockfusion filing confirm one.

What we don’t know yet

The central open question is simple: how much of the 300 MW/85 MW framework from June survived into September’s definitive contract, and at what price. Blockfusion’s Business Combination with Blue Acquisition Corp. is also not yet closed, and the September release does not give a firm delivery date for when CoreWeave’s capacity comes online. Until a filing or a construction update supplies harder numbers, any MW or dollar figure attached to this specific lease should be read as the June proposal’s framework, not a confirmed final term.