CoreWeave (CRWV.O), has signed a fresh $21 billion deal to provide cloud computing capacity to Meta Platforms (META.O), opens new tab, deepening their partnership as the social media giant expands infrastructure to support rapidly increasing artificial intelligence workloads.
The latest deal, which extends through December 2032, is in addition to a similar $14 billion agreementsigned in September last year.
Shares of CoreWeave rose 3.4% in premarket trading, while those of Meta were up 2.1%.
Meta has been rapidly expanding high-performance compute capacity to power the development and deployment of its large language models.
CoreWeave’s data centers house Nvidia’s graphics processing units, which offer the kind of specialized compute capacity that hyperscalers like Meta are scrambling to secure.
The Facebook-parent plans to spend up to $135 billion on its AI buildout this year.
Separately, CoreWeave said in a regulatory filing that it plans to sell $1.25 billion of bonds and $3 billion of convertible bonds.
