CoreWeave shares surge on $14.2 billion AI cloud deal with Meta
Shares of CoreWeave jumped more than 10% in premarket trading Tuesday following the announcement that the company will supply Meta with $14.2 billion worth of artificial intelligence cloud infrastructure.
CoreWeave has been on a deal-making blitz as big tech companies and AI startups race to build out their computing infrastructure. Tuesday’s announcement comes just days after CoreWeave expanded its agreement with OpenAI by $6.5 billion, bringing the total contract to $22.4 billion, News.Az reports, citing CNBC.
“The agreement underscores that behind every AI breakthrough are the partnerships that make it possible,” a CoreWeave spokesperson said in a statement about the Meta deal on Tuesday.
Meta did not immediately respond to CNBC’s request for comment. Bloomberg was first to report the deal.
CoreWeave primarily generates revenue by building and renting out data centers that are full of Nvidia’s graphics processing units, which are key for training models and running large AI workloads. The company has become a crucial player in an increasingly interconnected web of AI infrastructure partners.
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