CoreWeave Stock Soars on $14.2B Meta AI Deal Ahead of Core Scientific Merger Vote

CoreWeave (CRWV), an AI-focused cloud computing provider, 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.

Shares of CoreWeave jumped as much as 16.5% to $142.67, more than triple the value of its March IPO, as investor optimism surged.

The deal diversifies CoreWeave’s revenue beyond Microsoft (MSFT), its historical largest client, and follows a prior multibillion-dollar engagement with OpenAI, Bloomberg reports.

Adding to the positive sentiment, Evercore ISI initiated coverage of CoreWeave with an outperform rating and a $175 price target.

Meanwhile, CoreWeave’s pending $9 billion acquisition of Core Scientific (CORZ) is set for a shareholder vote on October 30, according to a recent SEC filing, marking the next major milestone for the company’s growth strategy.