By Aaron Rennie

Meta had struck a similar deal with CoreWeave back in September 2025 for up to $14.2 billion of AI cloud capacity. Samuel Boivin / NurPhoto via Getty Image

A multibillion-dollar commitment from a Magnificent Seven company is lifting shares of CoreWeave this morning.

Shares of cloud provider CoreWeave (CRWV) were rising in premarket trading Thursday, on track to extend their 2026 gains, after it and Meta Platforms (META) announced an expanded agreement that will see CoreWeave provide AI cloud capacity to the Facebook parent Meta through December 2032, a deal worth about $21 billion.

The deal expands and extends a roughly $14 billion deal the companies announced last September.

During its most recent quarterly earnings report, in January, Meta said it anticipated between $115 billion and $135 billion in 2026 capital expenditures. Last month, Meta said it would be increasing its investment in an El Paso, Texas, data center to more than $10 billion.

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"They're going to continue to do it themselves, but they're also going to continue to do it with us," CoreWeave co-found and CEO Michael Intrator told CNBC. "There's just too much risk not to."

Shares of Nvidia (NVDA)-backed CoreWeave, which entered Thursday up nearly 25% this year, advanced 3% in premarket trading. Meta shares, which are down 7% in 2026, rose 2% before the bell.

Source: Investopedia