GPU cloud infrastructure provider CoreWeave has announced two landmark deals within 48 hours, significantly expanding its role in the AI compute market. On April 9, the company signed an expanded agreement with Meta worth $21 billion to supply AI compute capacity through December 2032. This brings Meta's total commitment to CoreWeave to over $35 billion, building on a previous $14.2 billion contract from September 2025. The deal includes early access to Nvidia's upcoming Vera Rubin platform.
The following day, CoreWeave secured a multi-year deal with AI company Anthropic to run its Claude AI model at production scale. This comes as Anthropic's annualized revenue run rate (ARR) has skyrocketed from roughly $9 billion at the end of 2025 to over $30 billion in April 2026, driven by more than 1,000 enterprise customers spending over $1 million annually on Claude.
The back-to-back announcements sent CoreWeave's stock (CRWV) up roughly 4% intraday on April 9 and prompted an analyst upgrade. Macquarie lifted its rating on CoreWeave to Outperform from Neutral, raising its price target from $90 to $125. The firm stated CoreWeave's ecosystem role is "becoming structural" and called the platform "differentiated." Morningstar maintained its fair value estimate at $97 with a three-star rating and Very High uncertainty, calling the stock fairly valued after the rally.
CoreWeave's revenue backlog now exceeds $66.8 billion, and the company has provided 2026 revenue guidance of $12 to $13 billion. The business is capital-intensive, with capital expenditure expected to double to $30–$35 billion in 2026. At current guidance, CoreWeave spends roughly $2.30 to $2.90 for every dollar of revenue it earns. The company went public in March 2025 at $40 per share.
The deals highlight the intense demand for AI compute. Meta, despite planning $115–$135 billion in capital expenditure for 2026, still requires external GPU capacity. Similarly, Anthropic's explosive growth necessitates immediate compute access, which renting from CoreWeave provides in months versus the years needed to build internal clusters. CoreWeave now counts OpenAI (with a $22.4 billion contract), Meta, and Anthropic among its largest clients, claiming nine of the top 10 AI model providers run on its platform.
Risks remain, including high costs and customer concentration—Microsoft made up about 67% of CoreWeave's 2025 revenue. Competition is also intensifying, with Nebius signing a $12 billion deal with Meta earlier in April and Lambda preparing an IPO.
