CoreWeave wins Meta, Anthropic deals, plans debt raise

CoreWeave Inc. (CRWV) has recorded strong recent share price performance, trading at $102.0 with a 24.0% return over the past week, 24.5% over the past month and 28.6% year to date. The stock’s 1-year return stands at 133.1%, reflecting increasing investor attention on its AI-focused cloud infrastructure business.

The gains coincide with a series of major commercial announcements, including a significantly enlarged contract with Meta Platforms Inc. (META) and a new multi-year agreement with AI startup Anthropic. Together, these developments highlight CoreWeave’s growing role as a provider of computing capacity for leading artificial intelligence workloads.

On Thursday, Meta (META) raised its contract with CoreWeave to $35.2 billion from $14.2 billion after signing a new $21 billion agreement. The expanded deal will span multiple locations through 2032 and is focused on delivering computing capacity to support Meta’s artificial intelligence needs.

The partnership will include some of the initial deployments of Nvidia Corp.’s (NVDA) Vera Rubin platform within CoreWeave’s infrastructure, underlining the company’s focus on GPU-heavy cloud services. The larger Meta commitment forms a central pillar of CoreWeave’s contracted demand pipeline.

Separately, CoreWeave secured a new multi-year cloud infrastructure agreement with Anthropic for the development and deployment of the Claude family of AI models. The deal adds another major AI model provider to CoreWeave’s customer base and further embeds the company in the AI ecosystem.

Anthropic marks the ninth leading AI model provider to use the CoreWeave platform. Management has indicated that nine of the top ten AI model providers are now customers, which helps diversify revenue sources beyond the existing hyperscale relationship with Meta and reduces prior customer concentration risk.

Having both Meta and Anthropic relying on its platform supports the view of CoreWeave as a key infrastructure partner for leading AI developers. Future contracts, capacity expansions and execution on these agreements are seen as important factors for CoreWeave’s long-term positioning in AI infrastructure.

To support its growth plans, CoreWeave is planning to raise $5.25 billion through two debt market offerings. The company aims to issue $3.5 billion in convertible senior notes due 2032 and $1.75 billion in 9.75% senior notes due 2031, with both offerings scheduled to close on Tuesday, April 14.

The convertible notes will carry a 1.75% interest rate, payable semiannually on April 1 and October 1 until maturity, with the first payment expected in October this year. Before maturity, holders may convert the notes into Class A shares at an initial rate of 8.3612 shares per $1,000 in principal amount.

This conversion rate equates to $119.60 per share, a 17% premium to CoreWeave’s closing price of $102 on Friday. The company plans to use the proceeds for general corporate purposes and repayment of outstanding debt, among other uses, as it continues a capital-intensive build-out of AI-focused data center infrastructure.

These offerings follow an already active financing period that includes a US$8.5 billion term loan facility, underscoring the scale of investment required to meet long-term capacity commitments from Meta, Anthropic and other top-tier AI model developers.