CoreWeave Rallies on $14.2B Meta Deal, Core Scientific Merger Vote Pending
CoreWeave (CRWV), a cloud computing company focused on AI, has secured a $14.2 billion contract with Meta Platforms (META) to supply Nvidia’s latest GB300 systems, according to Bloomberg citing CEO Michael Intrator.
Following the announcement, CoreWeave shares surged as much as 16.5% to $142.67, more than triple the value at its March IPO, as investor optimism spiked.
The deal diversifies CoreWeave’s revenue beyond Microsoft (MSFT), its largest client historically, and comes after a prior multibillion-dollar commitment from OpenAI.
Evercore ISI initiated coverage with an outperform rating and a $175 price target, reflecting strong analyst confidence.
Meanwhile, CoreWeave’s planned $9 billion acquisition of Core Scientific (CORZ) is moving forward, with a shareholder vote scheduled for October 30, per an SEC filing.
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