CoreWeave Meta Deal Extends AI Capacity
CoreWeave Meta deal expands multi-year partnership and strengthens backlog while spurring premarket gains and reshaping the company's capital plan.
KEY TAKEAWAYS
- CoreWeave expanded a $21.0 billion Meta deal through December 2032, extending multi-year AI capacity.
- Combined Meta commitments to CoreWeave rose to $35.2 billion, strengthening backlog and revenue visibility.
- CoreWeave secured an $8.5 billion GPU-backed loan facility with $7.5 billion initial draws to fund capex.
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CoreWeave (Nasdaq: CRWV) said on April 9, 2026, that its expanded deal with Meta Platforms (META) extends their partnership through December 2032. The agreement provides multi-year demand visibility and accelerates CoreWeave’s planned infrastructure deployments for AI workloads.
Deal Terms and Partnership Expansion
CoreWeave announced a $21 billion AI cloud capacity deal with Meta, running from 2027 through 2032. The company described the arrangement as an extension of an existing partnership, stating "the two companies are continuing their existing relationship." The deal involves dedicated capacity across multiple locations, with initial deployments using NVIDIA’s Vera Rubin platform to scale Meta’s AI inference workloads.
Meta’s prior commitment to CoreWeave was valued at $14.2 billion, bringing total Meta commitments to $35.2 billion. Additional details are available in CoreWeave’s filing with the U.S. Securities and Exchange Commission.
Financial Position and Infrastructure Capacity
CoreWeave reported full-year 2025 revenue of $5.13 billion, up 168% year over year, and fourth-quarter revenue of $1.57 billion, a 110% increase. Adjusted EBITDA was $3.09 billion, reflecting a 60% margin, while operating cash flow totaled $3.06 billion.
The company invested $10.31 billion in capital expenditures in 2025 to expand capacity. It operates 43 online data centers with more than 850 megawatts of active power and holds a revenue backlog of $66.8 billion.
On its balance sheet, CoreWeave reported $49.3 billion in total assets and about $21 billion in debt. Approximately 25% of revenue covers interest on that debt. To support growth, CoreWeave secured a GPU-backed loan facility of up to $8.5 billion, rated A3 by Moody’s and A-low by DBRS. Initial draws are capped at $7.5 billion, with room to reach the full facility as assets stabilize. The company said this financing is the first investment-grade credit tied to high-performance computing infrastructure and a specific customer contract.
NVIDIA has committed $2 billion and expanded its partnership with CoreWeave to build more than 5 gigawatts of AI "factories" by 2030. Combined commitments with OpenAI and Meta total $46 billion. Management projects 2026 revenue between $12 billion and $13 billion.
Shares of CoreWeave rose about 8% in premarket trading on April 9, 2026. The Meta commitment, GPU-backed facility, and backlog significantly extend CoreWeave’s multi-year revenue visibility and accelerate its large-scale AI infrastructure build-out.
