CoreWeave’s big AI deals
CoreWeave has signed multi‑year, large contracts with Meta and Anthropic that lock in GPU capacity and helped lift the stock after analysts raised price targets, with some reports saying the Meta deal runs through December 2032 and accounts for a large share of backlog. The company’s agreements include deployment across multiple data‑centre locations and early rollouts of new Nvidia systems, highlighting how AI infrastructure is being contracted like long‑dated utility capacity even as capital and execution risk remain. ( )
CoreWeave has locked in another huge chunk of artificial intelligence demand, expanding its Meta contract to about $21 billion through December 2032. (coreweave.com) CoreWeave announced the Meta expansion on April 9, saying the capacity will be deployed across multiple data-center locations and will include some of the first deployments of Nvidia’s Vera Rubin systems. The company said the new agreement lifts its total contracted business with Meta to about $35 billion. (coreweave.com) A day later, on April 10, CoreWeave said Anthropic had signed a separate multi-year agreement to use its cloud for development and deployment of Claude models, with compute scheduled to come online later in 2026. CoreWeave did not disclose a dollar value for the Anthropic contract. (coreweave.com) These contracts are for graphics processing units, the chips that train and run artificial intelligence models, but the business now looks more like reserved utility capacity than ordinary cloud rentals. CoreWeave’s Meta deal runs for nearly seven years, and the company is spreading that capacity across sites to improve resilience and throughput. (coreweave.com) The timing matters because CoreWeave entered 2026 with a contracted revenue backlog of $66.8 billion, according to its annual report and fourth-quarter earnings release. Yahoo Finance reported the new Meta agreement accounts for a large share of that backlog increase. (sec.gov, sec.gov, finance.yahoo.com) Wall Street responded by lifting price targets. Investing.com reported that D.A. Davidson had already raised its target to $125 from $110 after fourth-quarter earnings in February, and other firms have also moved higher in recent weeks. (investing.com, marketscreener.com) The other side of the story is capital. On the same day it disclosed the Meta expansion, CoreWeave also launched a convertible notes sale that was later upsized to $3.5 billion due in 2032, with settlement scheduled for April 14. (finance.yahoo.com) Yahoo Finance reported CoreWeave had first pitched a $3.0 billion convertible offering and a separate $1.25 billion unsecured notes deal, with proceeds tied to refinancing and to a business planning $30 billion to $35 billion in capital spending this year. That leaves investors weighing long-dated revenue commitments against the cost of building enough power, servers, and sites to deliver them. (finance.yahoo.com, finance.yahoo.com) For Meta and Anthropic, the appeal is simpler: guaranteed access to scarce computing capacity as they push larger models and more inference, the step where a trained model answers prompts for users. For CoreWeave, the next test is execution over a contract calendar that now stretches to December 2032. (coreweave.com, coreweave.com)
