Meta Platforms (NASDAQ: META) has expanded its AI infrastructure push with a fresh $21 billion cloud-capacity deal with CoreWeave (NASDAQ: CRWV), adding to an earlier agreement signed in September.
The tech giant is locking in long-duration access to cloud infrastructure at the same time it plans to spend up to $135 billion on its AI buildout this year. The new contract runs through December 2032 and centers on securing the specialized computing capacity Meta needs for rising AI workloads.
CoreWeave’s role in that buildout is increasingly strategic. Its data centers house Nvidia graphics processing units, the exact kind of specialized hardware that large AI buyers are racing to secure as demand for high-performance compute continues to outstrip easy supply.
For CoreWeave, the Meta expansion adds commercial weight just as investors are scrutinizing how much capital the company must deploy to keep growing. The company has said it plans up to $35 billion in capital expenditures this year, a figure that dwarfs normal cloud expansion budgets and highlights the financing intensity of the current AI infrastructure cycle.
That capex plan is now being paired with fresh fundraising. CoreWeave disclosed plans to sell $1.25 billion of bonds and $3 billion of convertible bonds, taking its latest announced financing package to $4.25 billion.
The new deal also comes after last year’s initial Meta-CoreWeave agreement at $14 billion in September 2025.
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