Overview
- A contract announced Thursday adds about $21 billion in dedicated AI cloud capacity for Meta through December 2032, expanding a prior arrangement that was valued at up to $14.2 billion.
- CoreWeave will deliver multi-site GPU clusters tailored for inference, including early deployments of Nvidia’s Vera Rubin platform, a next‑gen system built to run AI systems continuously with faster responses.
- Shares of CoreWeave and Meta rose in premarket trading after the announcement, reflecting investor confidence in long-term AI infrastructure spending.
- CoreWeave is funding the buildout with heavy borrowing, including $21 billion of debt reported at the end of 2025, an additional $8.5 billion raised in March, and planned private offerings of $3 billion in convertible notes and $1.25 billion in senior notes.
- CoreWeave CEO Mike Intrator said the expanded Meta work reduces reliance on Microsoft, which was 62% of 2024 revenue, and that no single customer will account for more than 35% going forward, while Meta called the deal part of a portfolio-based approach to infrastructure.