U.S. data center operator CoreWeave said on the 30th (local time) that it signed a computing power supply contract with Meta, Facebook's parent company, worth up to $14.2 billion (about 20 trillion won).
CoreWeave said in a filing that the contract is valid through Dec. 2031 and includes an option to extend to 2032 if additional capacity is secured. CoreWeave primarily generates revenue by building and leasing data centers equipped with Nvidia's graphics processing units (GPUs), which are essential for training artificial intelligence (AI) models and running large-scale AI workloads. As part of this contract, CoreWeave said it will provide Meta access to Nvidia's latest AI accelerator, the GB300 system.
CoreWeave's contract comes five days after it announced an expanded deal with OpenAI. On 25th, CoreWeave said it increased its contract to supply data center capacity to OpenAI by up to $6.5 billion, bringing the total contract value to as much as $22.4 billion.
With this contract with Meta, CoreWeave has further diversified its customers. Until now, Microsoft (MS) has been CoreWeave's largest customer. As of the second quarter, MS accounted for 71% of CoreWeave's sales.
Meta is investing heavily in the energy, computing power, and talent needed to get ahead in the AI race. In April, Meta said its capital expenditure this year, including data centers used for AI and model training and operations, could reach up to $72 billion.
On news of the large-scale contract with Meta, CoreWeave's stock price surged that day. At 12:16 p.m. Eastern time, CoreWeave shares were trading at $138.49, up 13.03% from the previous day. With CoreWeave signing consecutive contracts with OpenAI and Meta, shares of Nvidia, which supplies the latest AI chips, rose more than 2% to hit an all-time high.
At the same time, Nvidia shares were up 2.65% at $186.71. After closing up 2.5% the previous day, the stock rose to as high as $187.35 intraday, surpassing the record high of $184.48 set on Aug. 12. Its market capitalization also topped $4.5 trillion.