CoreWeave expands AI computing deal with Meta to USD21b

The news: CoreWeave and Meta have announced an expanded USD21 billion ($29.83 billion) AI infrastructure deal which will see the cloud provider supply the social media giant with computing power through 2032, depending an earlier agreement inked in September.

The numbers: CoreWeave said it will expand its deal to supply Meta with USD14.2 billion worth of computing power running through December 2031, to provide AI cloud capacity through December 2032 for approximately USD21 billion.

The context: The dedicated capacity will be deployed across several locations, including some initial deployments of Nvidia’s Vera Rubin platform, CoreWeave said in a statement.

The expanded deal follows an USD8.5 billion GPU-backed loan secured by CoreWave earlier this month, to finance its cloud computing capacity expansion. The loan raised USD8.5 billion ($12.36 billion) from a consortium of banks and investors in what it described as the biggest and first chip-backed debt deal of its kind. The investment-grade rated financing is secured by microchips and an associated customer contract. Bloomberg reported last month that the debt is backed by contracts CoreWeave has with Meta worth at least USD19 billion.