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Meta has committed to spending an additional $21 billion on AI cloud infrastructure from CoreWeave, which comes on top of a prior arrangement of $14.2 billion, as the social media company continues to ramp up its investments in artificial intelligence.
CoreWeave also said Thursday it would raise $3 billion in fresh debt. The shares rose about 5% in early afternoon trading. Meta shares gained roughly 3%.
The new agreement, announced on Thursday, runs from 2027 to 2032. The previous deal, disclosed in September, goes through 2031.
CoreWeave’s data centers are filled with hundreds of thousands of Nvidia graphics processing units that can accommodate AI models, offering a key piece of infrastructure that hyperscalers need for rapidly expanding to meet what they describe as insatiable demand. While Meta and its peers are building out their own facilities, they need capacity from companies like CoreWeave, which also serves Google, Microsoft, OpenAI and others.
In March, Meta said it would spend $10 billion on a Texas data center.
“Sure, they can buy compute,” CoreWeave CEO Mike Intrator told CNBC in an interview. “Yet, for some reason, all these people who can buy compute also feel the need to buy it from us, because of the quality of the product that we deliver.”
In Meta’s last earnings report, the company said it plans to shell out between $115 billion and $135 billion this year in capital expenditures, above Wall Street’s estimates and nearly twice the amount it spent on capex in 2025.
While Meta’s core advertising business has benefited from the focus on AI, the company has struggled to get traction in the world of AI models currently dominated by OpenAI, Anthropic and Google. Meta has spent lavishly to form a Superintelligence Labs group that develops advanced AI models, and on Wednesday announced its new model called Muse Spark.
Meta has had partnered with CoreWeave since 2023, and Intrator said his company’s infrastructure allows Meta to make better use of all the AI talent it’s acquired.
“They hired from across the space, people who have used infrastructure from all different folks, and they came back to us,” Intrator said.
A Meta spokesperson said in an emailed statement that the CoreWeave deal is “part of our portfolio-based approach to infrastructure, as we invest in capacity for our AI ambitions.”
The new business will help CoreWeave further diversify away from Microsoft, which represented 62% of its 2024 revenue. Now no customer will represent more than 35% of total sales, Intrator said.
CoreWeave, which went public last year, held $21 billion in debt on its balance sheet at the end of 2025, and in March borrowed another $8.5 billion to add infrastructure tied to new contracts. The company’s stock has gained 24% so far this year, while the S&P 500 has fallen about 1% in the same period. Meta is down about 7% after rallying on Wednesday following the new model announcement.
Intrator expects CoreWeave’s Meta relationship to grow further, even as the Facebook parent opens more data centers.
“They’re going to continue to do it themselves, but they’re also going to continue to do it with us,” he said. “There’s just too much risk not to.”
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