Jim Cramer has identified specific data center locations tied to CoreWeave Inc. (NASDAQ:CRWV), IREN Ltd. (NASDAQ:IREN), and Nebius Holdings NV (NASDAQ:NBIS) that he is “concerned about” regarding their ongoing permit and expansion statuses following the midterm elections.
Highlighted Data Center Locations
On Nov. 5, Cramer shared a document outlining data-center locations and potential permitting concerns involving the three companies. In his X post, Cramer stated, “these are what i am concerned about,” alongside an image tracking the development phases of these infrastructure sites.
The document emphasizes operations in Texas and Ohio, explicitly warning that “Operating does not mean all expansion permits are secured.” The document bases its review on company and landlord disclosures, SEC filings, and local environmental department records.
IREN’s Texas Exposure
The document tracks eight named campuses for IREN, including operating and future buildouts in Childress and Sweetwater, Texas, as well as sites in British Columbia and Spain.
A specific warning in the document notes that “Sweetwater’s ERCOT status is conditional.” The review further emphasizes that “Texas represents 49% of IREN’s announced named-site gross power.”
CoreWeave Permits Outstanding
For CoreWeave, the review lists facilities across Texas, Ohio, and New Jersey, noting that the “Full 51-facility roster is not public.” The document flags several issues, stating “Lancaster has pending/unsubmitted permits” and “Niagara Falls has outstanding local permits.”
The review also clarifies that there is “No verified match between CoreWeave sites and newly approved Ohio local bans.”
Nebius Compliance Gaps
Regarding Nebius, the document outlines locations in Pennsylvania, Missouri, Finland, and Israel. The text states that “Highridge has permit gaps” and the “Vineland landlord faces generator-permit enforcement.”
Furthermore, the document notes that a “Moore’s county agreement is not finally approved.” The review concludes its coverage notes by clarifying that “Unknown permits do not mean missing permits.”
How Have These Stocks Performed?
| Stocks | 1-Month | 6-Months | YTD | 1-Year |
| CRWV | -50.04% | -65.86% | -39.03% | -61.84% |
| NBIS | -48.24% | -31.58% | 43.80% | 2.88% |
| IREN | -55.46% | -67.06% | -52.26% | -76.40% |
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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