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CoreWeave (CRWV) announced that Meta Platforms (META) has entered into a new order form under their existing agreement, significantly expanding META’s access to CRWV’s cloud computing capacity. META has initially agreed to pay CRWV up to $14.2 bln through December 14, 2031, with the option to materially expand its commitment through 2032 for additional GPU cloud resources.

• CRWV will provide META access to NVIDIA’s (NVDA) latest GB300 systems, a clear positive for NVDA given its close supplier relationship with CRWV.
• This deal follows closely after OpenAI expanded its contract with CRWV by $6.5 bln, bringing that total to $22.4 bln and fueling further momentum for the company.
• The expanded contract will boost CRWV’s backlog above the $30.1 bln reported at the end of 2Q25, underscoring its rapidly growing pipeline.
• Importantly, META’s expanded commitment also helps to reduce customer concentration risk, as Microsoft (MSFT) has historically accounted for roughly 70% of CRWV’s total revenue.
• These expanded customer wins help justify CRWV’s lofty valuation, with shares trading at a 1-year forward P/S of about 5.7x.
• However, profitability remains a sticking point as CRWV’s adjusted net loss widened to $(130.8) mln in 2Q25 from just $(5.1) mln a year earlier, pressured by heavy infrastructure spending, including a new 250 MW data center in New Jersey slated for 2026.

Briefing.com Analyst Insight:

The META deal is another validation of CRWV’s role as a critical GPU cloud provider, while also reinforcing NVDA’s positioning in the AI supply chain. Momentum is undeniable as OpenAI and META deepen their commitments, strengthening the case for CRWV’s premium valuation. Still, the company remains unprofitable, and its heavy capex needs raise execution risks. Overall, though, we see the META deal as a strong strategic win that eases customer concentration concerns and amplifies its growth potential.