Nvidia invests $2 billion in CoreWeave, buying shares at $87.20 each

CoreWeave’s stock jumped 15% on Monday after Nvidia announced it was pumping $2 billion into the company.

Nvidia bought Class A CoreWeave shares at $87.20 each, cheaper than the $92.98 close on Friday. The move gives CoreWeave fuel to speed up its plan to build 5 gigawatts worth of AI data centers by 2030.

CoreWeave CEO Mike Intrator told CNBC this deal helps them “accelerate our build” and reduce the company’s reliance on any single client. “This will lead to continued diversification,” he said during a live interview on Squawk on the Street.

CoreWeave pushes ahead with more massive AI projects

Nvidia CEO Jensen Huang made it clear that while $2 billion is a big number, it’s just a fraction of what’s needed.

“The amount of funding that needs to be raised yet to support that five gigawatts is really quite significant,” Jensen said. “We’re investing a small percentage of the amount that ultimately has to go and be provided.”

The five-gigawatt goal isn’t just some marketing number. It equals the annual power use of around 4 million U.S. homes, based on government energy data. CoreWeave wants to hit that target in under four years.

CoreWeave builds and runs data centers stacked with Nvidia GPUs, the chips used to train AI models and run heavy workloads. It’s how the company makes its money; renting out GPU-packed compute capacity. That makes CoreWeave part of a new breed some call “neocloud” providers. These aren’t general cloud giants. They exist for one job: power AI.

Nvidia was already heavily tied to CoreWeave before Monday’s deal. In September, CoreWeave filed an SEC document showing Nvidia placed an order worth at least $6.3 billion. That agreement also commits Nvidia to buy any leftover compute capacity through April 2032.

CoreWeave went public back in March on the Nasdaq. Since then, it’s pulled in billions in equity and debt, including earlier funding from Nvidia. But the company hasn’t had a smooth ride. The stock has been all over the place as investors watch CoreWeave load up on massive multi-billion-dollar deals, many of them debt-financed.

Even with those concerns, CoreWeave keeps stacking up wins. The same month it landed the $6.3 billion order from Nvidia, it also agreed to supply Meta with $14.2 billion in AI infrastructure. That deal came just days after CoreWeave expanded its contract with OpenAI, taking the total value of that one to $22.4 billion.

CoreWeave’s CEO isn’t worried about the pressure. Intrator told CNBC that AI is going to get baked into “absolutely everything we do,” and the infrastructure they’re building now will pay off for a century.

“What you’re seeing is the base-load infrastructure being built right now at what has historically been a pace that wasn’t even considered,” he said. “Companies like CoreWeave, and there are others, are out there building the infrastructure to be able to deliver that for these clients.”

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