Meta expand its AI cloud deal with CoreWeave to $21 billion

CoreWeave has signed a $21 billion agreement to supply AI cloud capacity to Meta $META through 2032, expanding a partnership that already spans billions of dollars in committed spending.

Among the terms disclosed by CoreWeave, the arrangement spans several data center locations and positions Meta as an early customer for Nvidia $NVDA's Vera Rubin chip platform. The agreement builds on a prior contract between the two companies — valued at approximately $14 billion, according to Reuters — that ran through 2031.

"This is another example that leading companies are choosing CoreWeave's AI cloud to run their most demanding workloads," CoreWeave co-founder and CEO Michael Intrator said in a statement.

CoreWeave stock rose about 2% in premarket trading on the news. Meta stock was also up about 2%.

Separately, CoreWeave said it plans to offer $3 billion in convertible senior notes due 2032 and $1.25 billion in senior notes due 2031, with proceeds earmarked for general business purposes, including repayment of outstanding debt.

Meta has become one of the largest spenders on AI infrastructure. The company budgeted between $115 billion and $135 billion in capital expenditures for 2026, with infrastructure costs — including third-party cloud spending, depreciation, and data center operating expenses — identified as the primary driver of expense growth. Meta CEO Mark Zuckerberg has framed compute capacity and power as the central bottlenecks to the company's AI ambitions, Meta has leaned on third-party cloud providers to bridge gaps while it scales its own footprint.

Nvidia chips fill CoreWeave's data centers — hardware that has become the focal point of an industrywide scramble among major technology companies.