CoreWeave lands big AI deals

CoreWeave has lined up two of artificial intelligence’s biggest buyers in four days, adding Anthropic after expanding a Meta contract worth about $21 billion through 2032. (coreweave.com 1) (coreweave.com 2) CoreWeave said on April 10 that Anthropic signed a multi-year agreement to use its cloud infrastructure for the development and deployment of Claude models, with compute coming online later in 2026. Reuters reported the announcement sent CoreWeave shares up more than 5% in premarket trading. (coreweave.com) (usnews.com) One day earlier, on April 9, CoreWeave said Meta expanded its long-term agreement by about $21 billion, bringing total contracted value between the two companies to about $35 billion through December 2032. CNBC reported the new commitment came on top of a prior $14.2 billion arrangement. (coreweave.com) (cnbc.com) CoreWeave sells rented computing power built around graphics processing units, the chips used to train and run large artificial intelligence models. Its customers include model makers that need thousands of those chips at once without building their own data centers. (sec.gov) (coreweave.com) The new deals add to a backlog that CoreWeave said reached $66.8 billion as of December 31, 2025, after the company posted $5.13 billion in 2025 revenue. D. A. Davidson analyst Gil Luria said after the Meta expansion that Meta now makes up roughly 40% of that backlog. (coreweave.com) (investing.com) That concentration cuts both ways. CoreWeave’s annual report said Microsoft accounted for 62% of 2025 revenue, down from 77% in 2024, showing the company is adding customers even as a few giant buyers still dominate the business. (sec.gov) (coreweave.com) The company is also spending heavily to keep up. CNBC reported CoreWeave said April 9 that it would raise $3 billion in new debt, while Yahoo Finance said management was planning $30 billion to $35 billion in capital spending in 2026. (cnbc.com) (finance.yahoo.com) Meta’s contract is tied to inference, the stage where a trained model answers prompts for users, rather than training alone. CoreWeave said Meta will use its cloud platform to scale inference workloads, a sign that demand is shifting from building models to serving them at large volume. (coreweave.com) CoreWeave said the Anthropic deal means nine of the ten top artificial intelligence labs now use its platform. After the Meta expansion and the Anthropic agreement, the company is selling a simple pitch to investors: the expensive part of artificial intelligence is no longer just the model, but the rented machines behind it. (coreweave.com) (forbes.com)