CoreWeave (CRWV) stock jumped more than 14% Tuesday after Bloomberg reported that the company has inked a $14.2 billion deal with Meta (META).

CoreWeave, the Nvidia-backed (NVDA) AI data center operator, will provide Meta access to Nvidia’s GB300 server racks, which contain 72 of the chipmaker’s Blackwell AI GPUs (graphics processing units).

“They loved our infrastructure in earlier contracts and came back for more,” CoreWeave CEO Michael Intrator told Bloomberg in an interview.

CoreWeave and Meta did not immediately respond to Yahoo Finance’s requests for comment.

Read more about CoreWeave’s stock moves and today’s market action

Meta has been spending at a torrid pace as it invests in AI infrastructure that includes a mammoth 4 million-square-foot data center in Louisiana. The Instagram parent raised its 2025 capital expenditure guidance to a range between $66 billion and $72 billion in its most recent quarterly financial report.

Tuesday’s development comes on the heels of CoreWeave’s $6.5 billion deal with OpenAI, announced last week. The company is working to diversify its customer base away from Microsoft (MSFT), which accounted for roughly 70% of the company’s revenue in its most recent quarter.

“This is clearly a step in the right direction for diversification,” Intrator told Bloomberg.

Hedgeye Risk Management analyst Felix Wang, who holds a short position on CoreWeave, called the deal “a positive surprise.” Tech analyst and Bokeh Capital Partners CIO Kimberly Forrest said the partnership was “a good deal for both” firms and is an indication that current demand for high-end AI chips is “limitless.”

CoreWeave’s latest partnership also comes amid a flurry of other recent AI deals as Big Tech rushes to add compute capacity in data centers to power their artificial intelligence ambitions. Those deals include Nvidia’s $100 billion OpenAI investment, announced last week, and OpenAI’s reported $300 billion contract with Oracle (ORCL). Citi analysts forecast on Tuesday that AI capital expenditures from 2025 through 2029 would hit $2.8 trillion.

CoreWeave has been a rising player in the AI buildout, as Big Tech firms have rented space in its data centers to access its large supply of Nvidia chips while they’re in the process of building their sites.

CoreWeave went public in March in a rocky IPO that tested the AI trade. Some Wall Street analysts have fretted over the company’s mounting debt borrowed at high interest rates, its deteriorating operating income outlook, and its “risky” business model, given that CoreWeave’s heavily concentrated customer base consists of its own competitors. The fear is that once Big Tech firms finish building out their own data centers and obtain a sufficient supply of Nvidia’s chips, they will no longer need compute capacity from CoreWeave.