CoreWeave’s total contract volume with OpenAI has risen to $22.5 billion. According to Bloomberg, CoreWeave stated that the new deal will support the training of OpenAI’s “next-generation most advanced models.” CEO Michael Intrator emphasized that the agreement highlights CoreWeave’s ability to deliver the most resource-intensive computing and training tasks at unprecedented speed, confirming the “trust of the world’s leading innovators.”
CoreWeave is among the leading next-generation cloud companies that lease advanced chips essential for AI development. In this field, it competes with rivals such as Nebius, founded by former Yandex N.V. CEO Arkady Volozh. The growing number of such companies and the massive influx of capital they attract demonstrate that demand for AI infrastructure among major tech companies remains strong.
CoreWeave first signed a contract with OpenAI in March this year worth up to $11.9 billion. Bloomberg notes that the new agreement will allow CoreWeave to diversify its business and reduce its dependence on Microsoft, its largest client. In fact, during the quarter ending in June, 71% of CoreWeave’s total revenue came from Microsoft.
The announcement of this collaboration also affected CoreWeave’s stock performance: on September 25, shares initially rose 3.6% on the Nasdaq to $138.22 but later eased, closing with a gain of 1.75%.
