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CoreWeave shares jumped sharply on Tuesday after the fast-growing AI infrastructure firm announced a multibillion-dollar deal with Meta Platforms. The agreement, valued at up to $14.2 billion, will give the social media giant access to advanced Nvidia-powered systems and significantly expand CoreWeave's customer base.
The news sent CoreWeave's stock up more than 11% in morning trading on the New York Stock Exchange. The company, which went public in March, has seen its market value more than triple this year as demand for high-performance computing has soared.
According to Bloomberg, CoreWeave will provide Meta with access to Nvidia's latest GB300 systems. Chief executive Michael Intrator said the deal builds on earlier collaborations between the two companies. "They loved our infrastructure in earlier contracts and came back for more," Intrator noted.
The Meta partnership marks an important step toward revenue diversification. Until recently, Microsoft accounted for over 70% of CoreWeave's business, a concentration that had drawn investor concern. "When we came out in the IPO, we got dinged because of our customer concentration," Intrator said. "This is clearly a step in the right direction."
The Meta deal follows CoreWeave's expanded contract with OpenAI last week, worth an additional $6.5 billion, bringing that partnership's total to more than $22 billion. Together, the agreements cement CoreWeave's status as a leading player in the global AI infrastructure race.
CoreWeave's core business centers on building and renting data centers packed with Nvidia graphics processors, which are critical for training and deploying large-scale AI models. Analysts describe the firm as part of the emerging "neocloud" sector, bridging the gap between traditional hyperscalers and specialized AI demands.
Meta, meanwhile, has committed tens of billions of dollars to build out artificial intelligence capabilities. The company is constructing massive data centers — including one dubbed Hyperion, reportedly as large as part of Manhattan — to support its "supercluster" vision.
Under Tuesday's agreement, Meta also has the option to expand its computing capacity commitments through 2032, according to regulatory filings.
"The agreement underscores that behind every AI breakthrough are the partnerships that make it possible," CoreWeave said in a statement.
