Some tech stocks are struggling today, particularly in the software sector. However, CoreWeave (NASDAQ:CRWV) stock is bucking the trend with help from Meta Platforms (NASDAQ:META | META Price Prediction). CRWV shares rose 4% in today’s session, moving from a prior close of $88.90 to $92 and change as of midday Thursday. The catalyst is a freshly announced expansion of CoreWeave’s AI cloud partnership with Meta.
CoreWeave and Meta Platforms announced an expanded long-term agreement to supply Meta with dedicated AI cloud capacity through December 2032 for approximately $21 billion. That new commitment stacks directly on top of the $14.2 billion deal the two companies signed in September 2025, bringing Meta’s total committed spend to $35.2 billion. That’s one of the largest single-customer infrastructure commitments in the entire AI buildout era.
For a full financial breakdown of today’s announcement, Why CoreWeave’s New $21 Billion Meta Deal Matters More Than the $3 Billion in New Debt goes deeper into the structure and implications.
A Backlog That Keeps Growing
The Meta deal lifts CoreWeave’s total revenue backlog to $66.8 billion, a figure that represents 342% growth from the start of 2025. That kind of contracted revenue visibility is rare for any company, let alone one that only crossed $5.13 billion in full-year 2025 revenue. CoreWeave CEO Michael Intrator called it the fastest cloud in history to reach that milestone.
CoreWeave’s 2026 revenue guidance of $12 billion to $13 billion implies year-over-year growth of 134% to 153%. To put that in perspective, AWS grew 17% in its most recent quarter and Microsoft Azure grew 31%. CoreWeave’s focus on GPU-heavy AI workloads rather than general-purpose servers drives that gap.
The new agreement also includes early deployments of NVIDIA’s Vera Rubin platform across multiple CoreWeave data center locations. NVIDIA (NASDAQ:NVDA) hasn’t yet broadly released Vera Rubin, so CoreWeave securing early access positions it at the front of next-generation GPU infrastructure. Intrator remarked, “This is another example that leading companies are choosing CoreWeave’s AI cloud to run their most demanding workloads.”
Meta’s AI Ambitions Are Scaling on Every Front
The CoreWeave deal is part of a broader AI infrastructure surge at Meta Platforms, which spent $72 billion on capex in 2025. Moreover, Meta intends to spend between $115 billion and $135 billion in 2026.
Meta Platforms also launched its Muse Spark AI model on Wednesday, describing it as the company’s most powerful model yet from the Meta Superintelligence Lab. The company is simultaneously developing its own AI chips (MTIA 400) and expanding GPU deals with NVIDIA and AMD (NASDAQ:AMD). Locking in CoreWeave through 2032 gives Meta a dedicated compute backbone as those ambitions scale.
The Debt Overhang Is Real
Today’s deal didn’t arrive alone. CoreWeave simultaneously filed notice of a proposed $3 billion private offering of convertible senior notes due in 2032, with initial purchasers holding an option to buy an additional $450 million within 13 days. That’s fresh debt layered onto an already heavy balance sheet.
CoreWeave’s long-term debt stood at $21 billion as of December 31, 2025, up from $14 billion in Q3 2025. The company’s 2026 capex plan runs $30 billion to $35 billion, and it projects spending $2.60 in capex for every $1 of new revenue in 2026. Furthermore, CoreWeave’s Free cash flow remains deeply negative, and the company’s net losses widened to $1.167 billion for full-year 2025.
The saving grace is timing. CoreWeave held $4.2 billion in cash at year-end 2025 and faces no debt maturities until 2029. The company has a track record of structuring large financing arrangements. Jim Cramer’s take on CoreWeave’s $8.5 billion financing provides context on how CoreWeave has approached landmark deals before.
What to Watch
CRWV shares were up 24.14% year-to-date heading into this afternoon, and today’s 4% gain extends that momentum. Analyst targets sit at $119.40, with 21 buy ratings, 10 holds, and 2 sells. CoreWeave Keeps Stacking the Wins provides useful context on valuation history.
The bull case for CRWV stock rests on contracted revenue visibility at a scale most growth companies never achieve. The bear case rests on capital intensity that demands flawless execution for years. Watch for whether CoreWeave’s convertible note offering prices cleanly and whether today’s gains hold into the close as the broader tech session remains under pressure.
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