CoreWeave noted that the contract value for this strategic AI infrastructure deal is up to $11.9 billion
CoreWeave has announced a strategic agreement to deliver AI infrastructure to OpenAI, expanding the latter’s compute capacity for training and delivering its latest models at scale to its hundreds of millions of users around the world.
In a release, CoreWeave noted that the contract value for this strategic deal is up to $11.9 billion. As part of this deal, OpenAI will become an investor in CoreWeave through the issuance of $350 million of CoreWeave stock.
Michael Intrator, co-founder and CEO of CoreWeave, said: “Partnering with OpenAI on this net new contract underscores CoreWeave’s proven ability to deliver reliable and performant infrastructure services, powering AI innovations for world-leading AI labs. We remain a partner-of-choice to meet the bleeding-edge needs of pioneers to unleash AI’s potential to change the world.”
“Advanced AI systems require reliable compute, and we’re excited to continue scaling with CoreWeave so we can train even more powerful models and offer great services to even more users. CoreWeave is an important addition to OpenAI’s infrastructure portfolio, complementing our commercial deals with Microsoft and Oracle, and our joint venture with SoftBank on Stargate,” said Sam Altman, CEO of OpenAI.
CoreWeave specializes in delivering AI-optimized cloud infrastructure tailored for compute-intensive workloads.
CoreWeave, backed by AI chip giant Nvidia, is preparing to go public on the Nasdaq in the coming weeks, according to recent press reports. According to its IPO prospectus filed last week, the company experienced a revenue surge of over 700% in 2024, reaching $1.92 billion. More than 60% of this revenue came from Microsoft, a key investor in OpenAI.
In October, CoreWeave secured a $650 million credit facility to support its business expansion and data center growth. Over the past two years, the company has raised more than $12 billion through a combination of equity and debt financing.
The company stated in its prospectus that it ended 2024 with 32 operational data centers housing over 250,000 Nvidia GPUs.
Beyond its partnership with Microsoft for AI computing services, CoreWeave’s customers includes major tech firms such as Meta, IBM and Cohere.
In June 2024, Oracle, Microsoft and OpenAI announced a partnership to extend the Microsoft Azure AI platform to Oracle Cloud Infrastructure (OCI), boosting capacity for OpenAI’s expanding services.
With OCI’s AI infrastructure, OpenAI joins other innovators like NVIDIA, xAI, and MosaicML in leveraging OCI Supercluster’s cutting-edge GPU capabilities for large-scale AI model training and deployment.
