(Bloomberg) — CoreWeave Inc. (CRWV) has signed a deal to supply Meta Platforms Inc. (META) with as much as $14.2 billion worth of computing power, underscoring the massive costs of developing and running advanced AI models.

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“They loved our infrastructure in earlier contracts and came back for more,” Chief Executive Officer Michael Intrator said in an interview. As part of the agreement, CoreWeave will provide the social media giant access to Nvidia Corp.’s latest GB300 systems, he said. Meta didn’t provide comment.

CoreWeave shares jumped 8.4% in premarket trading in New York. Meta shares were little changed.

CoreWeave is among an emerging group of “neoclouds,” businesses that rent out access to leading AI chips. Its competitors include Nebius Group and Nscale Global Holdings Ltd. CoreWeave’s stock has more than tripled in value since its March initial public offering as the race among major technology companies to build the most advanced AI models sends computing demand soaring.

The deal with Meta helps further diversify CoreWeave’s business away from Microsoft Corp. (MSFT), which has historically been its largest customer. The software maker accounted for 71% of CoreWeave’s revenue in the quarter that ended in June. The deal follows another multibillion-dollar commitment from OpenAI (OPAI.PVT) last week.

“When we came out in the IPO, we got dinged because of our customer concentration,” Intrator said. “This is clearly a step in the right direction for diversification.”

Meta has emerged as one of the top spenders on AI infrastructure as Chief Executive Officer Mark Zuckerberg invests heavily in the energy, computing power and talent needed to compete in the fast-moving race. In April, Meta said its capital expenditures may total as much as $72 billion this year, with a focus on AI and the data centers used to train and run the models.

Neoclouds are largely reliant on debt financing to invest in capital-heavy AI infrastructure. “We will tap the debt markets periodically as we continue to expand,” Intrator said.

Larger cloud providers have also looked to fund data center development through debt lately. Meta raised $29 billion in a financing package for a massive data center in Louisiana. Last week, Oracle Corp. (ORCL) raised $18 billion in bonds as it builds infrastructure for OpenAI.