Mark Zuckerberg's Meta Is Also One of CoreWeave's Biggest Customers, in a Deal Worth $35 Billion Through 2032. That Didn't Stop CoreWeave Shares From Sinking on Meta's Own Cloud News.

Shares of CoreWeave (NASDAQ: CRWV) have been in free-fall mode lately, losing 35% of their value over the past three months, as investors have been concerned about the neocloud infrastructure provider's aggressive spending to build dedicated artificial intelligence (AI) infrastructure.

CoreWeave stock received another jolt earlier this month after reports emerged that Meta Platforms (NASDAQ: META), one of its key customers, plans to sell its excess AI data center capacity. It was easy to see why that was the case, but I think that investors are underestimating the AI infrastructure specialist's long-term prospects.

Here's why.

Image source: The Motley Fool.

Meta constitutes a significant chunk of CoreWeave's backlog, but it can grow at a solid pace without the tech giant

CoreWeave announced in April that it has expanded its AI infrastructure agreement with Meta Platforms in a deal worth $21 billion. What's worth noting is that this deal builds upon the original $14.2 billion agreement signed between the two companies in September 2025. These contracts run through December 2032, and the total value is just over $35 billion.

So, reports of Meta deciding to compete with CoreWeave by offering to sell excess AI compute capacity have further added to the latter's misery. Of course, CoreWeave's $35 billion long-term contract with Meta explains why this news has caused panic among investors, especially considering that it accounts for a significant chunk of the neocloud provider's $99.4 billion revenue backlog.

However, even if Meta takes away its business from CoreWeave owing to the excess cloud computing capacity that it may be sitting on, and starts competing with the latter, it may not dent the neocloud company's long-term growth. That's because there is a shortage of dedicated AI data centers. According to Bank of America, data center power demand could exceed capacity additions by 100 gigawatts (GW) by 2030.

So, if Meta decides against buying AI compute capacity from CoreWeave, it can easily find another customer to fill the vacuum. Also, there is sufficient space for additional dedicated AI data center providers to operate in this market, given the supply gap noted above. All this explains why analysts continue to remain bullish about CoreWeave's growth prospects.

Data by YCharts

The stock could become a multibagger

CoreWeave's revenue is anticipated to jump 147% in 2026 to $12.66 billion. The chart given above makes it clear that the neocloud specialist will sustain impressive growth levels in the long run. This is what makes CoreWeave a top AI stock to buy right now, as it trades at an attractive 5.8 times sales. The tech-laden Nasdaq Composite index, for comparison, has a price-to-sales ratio of 5.1.

Even if CoreWeave trades at just 5 times sales after three years and its revenue reaches $40 billion, the company's market cap could jump by almost 5x to $200 billion.

So, savvy investors can consider using the recent pullback in CoreWeave stock to buy its shares, as it could skyrocket impressively due to the enormous demand for AI data center capacity.

Bank of America is an advertising partner of Motley Fool Money. Harsh Chauhan has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Meta Platforms. The Motley Fool has a disclosure policy.