CoreWeave (CRWV), an AI-focused cloud computing company, secured a $14.2 billion deal with Meta Platforms (META) to supply Nvidia’s latest GB300 systems, according to a Bloomberg report citing an interview with CEO Michael Intrator.
Shares in the company, which is in the process of buying Core Scientific (CORZ) for $9 billion, jumped more than 8% pre-market to $132, more than triple the value of its March initial public offering.
The agreement diversifies its revenue away from Microsoft (MSFT), historically its largest customer, and follows a multibillion-dollar commitment from OpenAI, according to Bloomberg.
In addition, Evercore ISI initiated coverage on CoreWeave with an outperform rating and a $175 price target.
Core Scientific scheduled a special shareholder meeting for Oct. 30 to vote on the takeover, according to a Friday SEC filing.