Overview

• CoreWeave disclosed in an SEC 8-K that Meta committed to about $14.2 billion of reserved capacity through December 2031 with an option to expand into 2032.
• CEO Michael Intrator said Meta will gain access to Nvidia’s latest GB300 systems as part of the agreement, according to a Bloomberg interview.
• CoreWeave shares jumped roughly 10% to 15% in premarket trading following the announcement, and Evercore ISI initiated coverage with an outperform rating and a $175 price target.
• The Meta deal follows a new $6.5 billion expansion with OpenAI last week, bringing CoreWeave’s total OpenAI commitments to approximately $22.4 billion.
• The contract broadens CoreWeave’s customer mix after Microsoft accounted for 71% of Q2 revenue, while the company still faces scrutiny over heavy capex, high debt, and a contested Core Scientific merger headed to an Oct. 30 shareholder vote.