CoreWeave Announces Deal With Anthropic

CoreWeave has secured a multi-year partnership with AI model developer Anthropic, following a substantial $21 billion deal with Meta. This agreement with Anthropic marks a significant expansion for CoreWeave, as it now serves nine out of ten leading AI providers, including OpenAI, Google, and Microsoft, on its platform. The recent Meta deal, valued at $21 billion, will supply AI cloud capacity through December 2032, utilizing NVIDIA chips across multiple data centers. These consecutive announcements have increased CoreWeave's total contracted commitments with Meta to $35 billion, building upon a previous $14.2 billion arrangement. The surge in demand from AI model developers like Anthropic highlights a broader industry trend of tech companies aggressively seeking hardware, processing power, and energy to train and deploy advanced AI models. Despite significant spending, with capital expenditure targets of $30 to $35 billion for 2026, CoreWeave CEO Mike Intrieri defended the strategy, citing an "enormous" backlog. While CoreWeave's stock has seen volatility, investors are keenly awaiting further details on the Anthropic deal's financial terms and scope during the next quarterly earnings report. A key focus will be on CoreWeave's ability to convert its debt into profitable, sustainable cash flows, especially considering its reported $5.1 billion revenue in 2025, which nearly tripled from 2024, but resulted in a $1.1 billion net loss.