Meta has committed to spending $21 billion on AI cloud infrastructure from CoreWeave. This comes in addition to a commitment for Meta to pay CoreWeave around $14.2 billion through December 14, 2031, with the option to expand through 2032 for additional cloud computing capacity.
CoreWeave’s data centers are filled with hundreds of thousands of Nvidia graphics processing units that can accommodate AI models. This offers an important piece of infrastructure for hyperscalers as they race to meet rising demands. While Meta and other companies are building their own facilities, they need capacity from companies like CoreWeave, which also serves Google, Microsoft, OpenAI and others.
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The recent deal gives Meta access to initial deployments of Nvidia’s next-generation Vera Rubin chips, which are twice as fast as the current generation Blackwell platform. “This is another example that leading companies are choosing CoreWeave’s AI cloud to run their most demanding workloads,” CoreWeave CEO Michael Intrator said in a statement.
Meta has partnered with CoreWeave since 2023, and Intrator said his company’s infrastructure allows Meta to make better use of all the AI talent it’s acquired. “They hired from across the space, people who have used infrastructure from all different folks, and they came back to us,” Intrator said.
A CNBC report mentioned an emailed statement by a Meta spokesperson which said that the CoreWeave deal is “part of our portfolio-based approach to infrastructure, as we invest in capacity for our AI ambitions.” The deal will help CoreWeave diversify away from Microsoft which represented 62% of its 2024 revenue. Now, no customer will represent more than 35% of total sales, Intrator said.
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Intrator expects CoreWeave’s relationship with Meta to grow further, even as the Facebook parent opens more data centers. “They’re going to continue to do it themselves, but they’re also going to continue to do it with us,” he said. “There’s just too much risk not to.”
CoreWeave recently secured a delayed-draw term loan facility of up to $8.5 billion to scale its AI cloud infrastructure. The initial draw is about $7.5 billion with an option to increase to $8.5 billion as data center assets stabilize. The company said this milestone is a part of the $28 billion raised in 12 months that reflects strong market confidence in AI demand, and it will use the funds to deliver on major AI contracts and accelerate its infrastructure build-out.