CoreWeave (CRWV) Stock Surges on $14.2B Meta AI Deal, Core Scientific Merger Looms

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 as much as 16.5% to $142.67, 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.

UPDATE (Sept. 30, 14:58 UTC): Updates share price after market opening, removes pre-market move from headline.