Overview
- Meta agreed to spend an additional $21 billion with CoreWeave for AI cloud capacity from 2027 through 2032, expanding on a prior $14.2 billion deal that runs to 2031.
- CoreWeave will supply compute built on large clusters of Nvidia graphics chips that run advanced AI models, a service it already provides to Google, Microsoft, and OpenAI.
- CoreWeave CEO Mike Intrator said the new business reduces reliance on any single client, with no customer now expected to exceed about 35% of revenue after Microsoft made up 62% in 2024.
- To build out this capacity, CoreWeave carried $21 billion of debt at the end of 2025 and raised another $8.5 billion in March to finance new infrastructure tied to contracts.
- Meta’s broader AI push includes plans for $115 billion to $135 billion in capital spending this year, new in-house data centers such as a $10 billion project in Texas, and fresh model work like its Muse Spark release.