Michael Intrator, CEO of CoreWeave Inc., will speak in an interview with CNBC on the floor of the New York Stock Exchange (NYSE) in New York City, USA on September 22, 2025.
Gina Moon | Reuters
Stocks coreweave Over 13% popped on Tuesday after the company announced it had agreed to offer Meta $14.2 billion artificial intelligence cloud infrastructure.
CoreWeave is contracted to create deals as big tech companies and AI startups compete to build computing infrastructure. The announcement on Tuesday comes days after CoreWeave expanded its agreement with OpenAI by $6.5 billion and increased its total contract to $22.4 billion.
“The contract emphasizes the emphasis on what lies behind all AI breakthroughs,” a CoreWeave spokesperson said in a statement on Tuesday regarding the META transaction.
Meta did not immediately respond to CNBC’s request for comment. Bloomberg first reported the deal.
CoreWeave generates revenue primarily by building and renting data centers full of nvidiaGraphics processing units are key to training models and running large AI workloads. The company, which some investors classify as “Neocloud,” has become an increasingly connected web player for AI infrastructure partners.
Meta has the option of “essentially expanding its commitment” for additional computing capabilities through 2032, according to a filing with the Securities and Exchange Commission on Tuesday.
Social media companies have poured hundreds of billions of dollars into AI in recent months to build AI infrastructure and implement top talent.
Meta said in its second quarter revenue call in July that it expects total expenses to be between $114 billion and $118 billion in 2025, and the company expects the AI initiative to “expense growth rates over 2025 will surpass 2025’s expense growth rates.”
In July, Meta CEO Mark Zuckerberg said Meta is on track to bring its first supercluster online next year, and is building some others. A supercluster is a large, complex computing network housed within a data center.
One of the facilities that Meta named Hyperion is expected to be large enough to cover “an important part of Manhattan’s footprint.”
“Meta Superintelligence Labs has industry-leading level of computing, with the largest calculations per researcher,” Zuckerberg wrote in a Facebook post.
Monitoring: CoreWeave CEO: Building AI infrastructures trillions with public and private investment
