TMTPOST -- CoreWeave Inc. shares on Tuesday soared as much as 15.1% and closed 11.7% higher after the U.S. cloud provider said it has signed an agreement to supply Meta Platforms Inc. with up to $14.2 billion in computing power, highlighting the strong artificial intelligence (AI) demand.
Credit：CoreWeave
“The agreement underscores that behind every AI breakthrough are the partnerships that make it possible,” a CoreWeave spokesperson said in a statement, according to CNBC. “They loved our infrastructure in earlier contracts and came back for more,” Bloomberg cited CoreWeave CEO Michael Intrator in an interview. He said his company will provide Meta access to Nvidia Corp.’s latest GB300 systems.
In a filling with the U.S. Securities and Exchange Commission on Tuesday, Meta disclosed it has initially committed to pay CoreWeave up to approximately $14.2 billion through December 14, 2031 under the agreement, with the option to materially expand its commitment through 2032 for additional cloud computing capacity.
The deal with Meta came days after CoreWeave unveiled an expanded agreement with OpenAI, with total value up to $6.5 billion. The new agreement aims to power the training of OpenAI’s most advanced next-generation models, reinforcing its position as the essential cloud platform for the most demanding AI workloads, according to a statement on September 25.
CoreWeave in March 2025 announced an initial agreement with OpenAI with a contract value up to $11.9 billion, followed by an expanded agreement worth up to $4 billion in May 2025. The agreement announced last month brought the total contract value with OpenAI up to approximately $22.4 billion.
CoreWeave is among an emerging group of specialized cloud providers that has been classified by some investors as “neoclouds”. The neocloud providers focus on offering high-performance computing, especially GPU-backed servers and virtual machines, often at prices more affordable than those of the hyperscalers. Neocloud providers will generate over $65 billion in GPU-as-a-Service (GPUaaS) revenues by 2030, as enterprise demand surges for AI-first infrastructure that traditional hyperscalers have been slow to deliver, ABI Research forecasted in July.
The agreement with Meta and OpenAI built on a series of recent CoreWeave deals that underscore the company’s role in driving AI innovations. It also underscored the massive costs of developing and running leading AI models.
CoreWeave on September 3 said it reached an agreement to acquire OpenPipe Inc., a platform for training AI agents with reinforcement learning (RL). CoreWeave on September 16, during a state visit by U.S. President Donald Trump to Britain, announced the next £1.5 billion phase of its investment in AI data centre capacity and operations in Britain, bringing the total investment in the country to £2.5 billion.
Meta has has been pouring tens of billions of dollars into AI in recent months in an effort to build out its AI infrastructure and bring in top talent. The social media giant in late July when releasing financial results suggested its AI spending blitz will continue into 2026.
Meta on July 30 called for total expenses for this year to be in the range of $114 billion to $118 billion, higher than the prior outlook of $113billion to $118 billion and reflecting a YoY growth rate of 20% to 24%. The company saw 2026 year-over-year expense growth to be above 2025, and cited infrastructure costs and, obviously, employee compensation which is to be expected in light of anecdotes it is paying $100 million guarantees to AI scientists.
Looking at the all important capital expenditure (Capex), a gauge reflecting how the company is investing in its outsize AI ambitions, Meta anticipated Capex for this year, including principal payments on finance leases, to be in the range of $66 billion to $72 billion, also higher from the previous estimate of $64billion to $72 billion and up a stunning $30 billion,or 4.5% YoY at the mid-point. The company said that it "currently expects another year of similarly significant capital expenditures dollar growth in 2026 as we continue aggressively pursuing opportunities to bring additional capacity online to meet the needs of our artificial intelligence efforts and business operations.”
Meta CEO Mark Zuckerberg attributed AI for boosting the company’s results.“The strong performance this quarter is largely thanks to AI unlocking greater efficiency and gains across our ad system,” he told analysts at an earnings call. AI’s swift advancement warrants that Meta have “the absolute best and most elite talent-dense team” that can access the resources they need from a “leading compute fleet,” Zuckerberg said about the AI Superintelligence team he assembled for his company this summer.
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