CoreWeave (CRWV), the cloud-based AI computing rental giant known as “NVIDIA’s son,” has reached a new agreement worth up to $21 billion with Facebook parent company Meta Platforms (META), further expanding their collaboration on AI computing infrastructure supply. This new agreement builds upon a $14.2 billion cloud computing deal the two parties reached in September. Under the agreement, CoreWeave will provide AI computing power to Meta by 2032, deepening its business relationship with the social media giant—which is trying to catch up with leaders like Anthropic and OpenAI in the AI large model race.

Boosting the “AI Bull Market Narrative”

For NVIDIA’s newly launched Vera Rubin flagship AI computing infrastructure platform, Meta’s additional computing expenditure effectively transforms it from a technology roadmap into a system-level infrastructure with real customers, long-term orders, and commercial applications. This also strongly reinforces the “AI bull market narrative”—the grand logic underpinning the global stock market rally—proving that when AI large model parameter scales, inference pipelines, and multimodal/agentic AI agent workloads drive computing consumption to expand exponentially, tech giants’ capital expenditures remain most heavily tilted toward AI computing infrastructure.

Agreement Details and Market Reaction

According to a statement released by CoreWeave on Thursday, Meta has committed an additional $21 billion to purchase AI cloud computing capacity. CoreWeave will provide computing power to Meta by December 2032 through multiple large AI data centers, some of which will be powered by NVIDIA’s Vera Rubin platform. The previous agreement between the parties was originally set to run through December 2031, with an expansion option to extend to 2032. The new agreement includes two components: additional computing capacity corresponding to the new order, and the exercise of the computing capacity expansion option from the previous agreement.

Following the announcement, CoreWeave’s stock surged more than 8% in pre-market trading on Thursday. The stock has already risen 24% so far this year, significantly outperforming the S&P 500 and the Nasdaq 100. Meta’s stock rose about 2% in pre-market trading.

Continued Expansion of Computing Demand

CoreWeave is a representative of the emerging “new cloud computing service providers,” operating by leasing cloud-based computing power centered on NVIDIA’s AI GPUs. Its competitors include Nebius Group NV and Nscale. By seizing the initiative in deploying AI computing resources in data centers, CoreWeave has gained favor from NVIDIA’s venture capital arm and has been able to secure priority access to H100, H200, and Blackwell series AI GPUs, even forcing giants like Microsoft to lease computing power from it—hence earning the title “NVIDIA’s son.” Meta has become one of the biggest spenders on AI computing infrastructure among tech companies, with its CEO Mark Zuckerberg planning to invest hundreds of billions of dollars over the next several years to build related facilities. Additionally, CoreWeave plans to issue $3 billion in convertible senior notes and $1.25 billion in senior notes for general corporate purposes.