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