At trading on September 30, CoreWeave quotes soared almost 16% to $141.9. This became their maximum since August 12, 2025. Investors bought CoreWeave securities on Tuesday amid Bloomberg's report that the company signed a $14.2 billion contract with Meta to provide cloud infrastructure for artificial intelligence.

Details

The term of the agreement is through December 2031, with an option to extend through 2032 if capacity increases, CoreWeave specified in a report filed Tuesday with the U.S. Securities and Exchange Commission (SEC).

"They [Meta] liked our infrastructure under previous contracts and came back for a new agreement," CoreWeave CEO Michael Intrator told Bloomberg . As part of the deal, he said, the company will give the social networking giant access to Nvidia's latest GB300 systems.

Meta, which owns social networks Instagram and Facebook, did not comment to Bloomberg.

The deal with Meta will help CoreWeave reduce its reliance on Microsoft, which has historically been the company's largest customer and accounted for 71% of its revenue in the second quarter, Bloomberg notes. "Since the IPO, we have been criticized for being overly dependent on individual customers. This is certainly a step in the right direction in terms of diversification," CoreWeave's CEO added.

Context

The contract also follows another multi-billion dollar agreement CoreWeave signed with chipmaker and its shareholder Nvidia last week. Nvidia, which supplies CoreWeave with its AI chips, guaranteed to buy out any unsold cloud capacity of the company until 2032. Analysts said the agreement would cement CoreWeave's role as Nvidia's key cloud partner while insuring it against a possible decline in demand for AI computing resources.

Since CoreWeave's IPO in March 2025, its stock price has risen nearly 260% thanks to the AI hype. The surge has also caused the company's market multiples to rise, for which it at one point even began to be compared to so-called meme stocks. In mid-September, short-seller Kerrisdale Capital warned investors not to be overly optimistic about CoreWeave and said the company's securities were 12 times overvalued.

Wall Street analysts are divided on what to do with CoreWeave securities. They have 13 Buy (Buy and Overweight) and 13 Neutral (Hold) recommendations, according to FactSet. Two more recommend traders to get rid of CoreWeave shares (Underweight and Sell). The average target price of $138 per share calculated by the service almost corresponds to the current level of CoreWeave quotes.

This article was AI-translated and verified by a human editor

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