CoreWeave Surges on $14.2B Meta AI Deal, Awaits Core Scientific Merger Vote
CoreWeave (CRWV), the AI-focused cloud computing firm, has landed a $14.2 billion contract with Meta Platforms (META) to provide Nvidia’s latest GB300 systems, Bloomberg reports, citing CEO Michael Intrator.
Shares jumped as much as 16.5% to $142.67, more than triple the price at its March IPO, reflecting strong investor enthusiasm.
The agreement expands CoreWeave’s revenue beyond Microsoft (MSFT), its largest historical client, and follows a multibillion-dollar commitment from OpenAI.
Evercore ISI initiated coverage with an outperform rating and a $175 price target, highlighting bullish analyst sentiment.
CoreWeave is also moving forward with its $9 billion acquisition of Core Scientific (CORZ), with a shareholder vote scheduled for October 30, according to a recent SEC filing.
