CoreWeave Inc. has expanded its AI‑cloud partnership with Meta Platforms, adding $21 billion of capacity that will run through December 2032. The new commitment builds on a prior $14.2 billion agreement signed in September 2025, bringing the total Meta spend with CoreWeave to more than $35 billion, the largest single‑customer commitment in the AI infrastructure market.
The expanded deal provides Meta with dedicated GPU‑powered capacity across multiple data‑center locations and includes early deployments of NVIDIA’s Vera Rubin platform, the next‑generation architecture designed for agentic AI workloads. CoreWeave’s CEO Michael Intrator said, "This is another example that leading companies are choosing CoreWeave's AI cloud to run their most demanding workloads."
CoreWeave’s financial backdrop underscores the significance of the deal. The company reported $5.13 billion in revenue for 2025, a 168% year‑over‑year increase, and has guided for 2026 revenue to exceed $12 billion. Its revenue backlog stood at $66.8 billion as of December 31 2025, more than four times the level at the start of the year. Despite the revenue growth, CoreWeave posted a net loss of $1.17 billion in 2025, driven by non‑cash depreciation and interest on debt. The company’s debt‑to‑equity ratio is 8.94, and it has secured over $21 billion in debt financing, including a proposed $3.0 billion convertible senior notes offering due 2032.
The Meta agreement diversifies CoreWeave’s customer base, which had been heavily weighted toward Microsoft, accounting for roughly 67% of revenue in 2025. By locking in a large, long‑term commitment from Meta, CoreWeave gains substantial revenue visibility and reduces concentration risk. However, the company’s high leverage and ongoing debt‑financing needs remain a headwind, as the new capacity will require significant capital investment and may increase interest expense in the coming years.
CFO Nitin Agrawal highlighted the scale of the backlog, stating, "Our revenue backlog grew to $66.8 billion, more than four times where we began the year, providing exceptional visibility as we scale into 2026 and beyond. CoreWeave is well positioned for sustained hypergrowth."
Meta’s AI strategy is increasingly multi‑vendor, with the company partnering with several cloud providers to secure sufficient compute capacity for its expanding AI workloads. CoreWeave’s niche as a GPU‑specialized neocloud and its early adoption of NVIDIA’s Vera Rubin platform position it as a key partner in Meta’s broader AI infrastructure ecosystem.
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