CoreWeave (CRWV) has become the purest play on the AI boom, evolving into a purpose-built neo-cloud platform that’s tailor-made for GPUs, low-latency networking, and AI-native performance.
Although traditional hyperscalers balance storage, compute, and enterprise applications, CoreWeave’s edge is more singular, providing specialized infrastructure for training and running the largest AI models.
That massive bet on AI is showing up in the numbers.
In Q2, CoreWeave booked a whopping $1.21 billion in sales, with a $30.1 billion backlog, and 33 AI-optimized data centers already online.
Since its IPO in March at $40 per share, the stock has more than tripled in value, lifting the company’s valuation to north of $60 billion in just half a year.
Additionally, CoreWeave’s close ties with Nvidia (NVDA) helped it zoom ahead of its hyperscale rivals. And now, a fresh new multi-year pact with a legacy U.S. tech giant adds a new chapter in its already illustrious growth story.
The massive new deal entails guaranteed demand, accelerated capacity, and growing relevance at the very center of the AI supply chain.
CoreWeave shares jump after striking multi-billion AI cloud deal with Meta.Image source: Nagle/Bloomberg via Getty Images
CoreWeave just inked a deal worth up to an eye-popping $14.2 billion with Meta Platforms (META) to supply long-term AI cloud capacity through Dec. 2031 (option to 2032).
Following the announcement, on Sept. 30, 2025, CoreWeave stock surged a head-turning 15% in intraday trading.
Value: up to $14.2 billion; with the term through Dec. 14, 2031, along with an option to extend into 2032.
Capacity: access to Nvidia’s GB300-class systems for Meta’s AI workloads.
Structure: under an existing master services agreement, expanding a 2023 partnership.
Market reaction: CRWV stock jumped 14% intraday on the news.
Needless to say, the deal is massive for CoreWeave, helping it diversify beyond the Microsoft/OpenAI concentration and locking in multi-year sales visibility during an AI compute land-grab.
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It also underscores Meta’s drive to secure high-end GPU supply as it sees model sizes and inference loads jump.
Early reads from the stock market punditry skew positive on visibility and diversification, though the skeptics call out execution and concentration risks.
Evercore ISI’s Amit Daryanani started at buy rating along with a $175 target. On the flip side, DA Davidson’s Gil Luria stuck with a sell rating at $36, highlighting dependency questions.
OpenAI: Initial $11.9 billion agreement (March 2025).
OpenAI: Expanded by $4 billion (May 2025).
OpenAI: Further expanded by $6.5 billion (Sept. 25, 2025), with the total now at $22.4 billion.
Nvidia: $6.3 billion capacity backstop order through 2032 (Sept. 15, 2025).
Microsoft: Multi-year workloads; the largest customer recently (about 71% of revenue in the June quarter).
CoreWeave’s Nvidia ties date back to its timely 2019 pivot from cryptocurrency mining to AI cloud, when it began rebuilding its fleet around Nvidia GPUs.
That relationship grew financially, as filings showed Nvidia held about 24.2 million shares (7%) at IPO, while some reports point to a Class A stake closer to 5.96% pre-IPO, sliding to roughly 5% post-offering due to dilution rather than an exit.
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The partnership now goes beyond stock investment.
On Sept. 15, 2025, Nvidia struck a $6.3 billion “take-or-pay” agreement compelling it to purchase any CoreWeave cloud capacity that’s left unsold through April 2032.
That robust demand backstop offers a hard floor under utilization, stabilizes cash flows, and strengthens CoreWeave’s ability to finance its $20-$23 billion buildout plan.
Both CEOs have been explicit.
More Nvidia:
Nvidia CEO Jensen Huang hails the partnership, saying, “One of our great partners, CoreWeave… we’re super proud of them.”
Likewise, CoreWeave CEO Michael Intrator says, “The world is dependent upon Nvidia… their technology is defining the space, and so we work with them.”
The history is equally telling.
Reporting shows that Nvidia helped seed CoreWeave’s rise by funneling scarce GPUs and even renting back chips, which enabled CoreWeave to build its early lead.
Now with the $6.3 billion backstop in place, CoreWeave’s pipeline becomes even more predictable, reducing volatility while reinforcing its robust AI positioning.
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This story was originally reported by TheStreet on Oct 1, 2025, where it first appeared in the Technology Business News section. Add TheStreet as a Preferred Source by clicking here.