TLDR
- CoreWeave announced a new $6.5 billion agreement with OpenAI to power training of next-generation AI models
- This brings the total contract value between CoreWeave and OpenAI to approximately $22.4 billion across three deals
- Previous agreements include $11.9 billion in March 2025 and $4 billion in May 2025
- CoreWeave stock gained over 2% after initial premarket losses following the announcement
- The deal comes as OpenAI expands its Stargate data center project with plans for 10 gigawatts of capacity
Cloud computing provider CoreWeave announced its third major agreement with OpenAI on Thursday. The new contract is worth up to $6.5 billion and will provide computing power for training OpenAI’s most advanced next-generation models.
The deal builds on previous agreements between the two companies. In March 2025, CoreWeave signed an initial $11.9 billion contract with OpenAI.
A second expanded agreement worth $4 billion followed in May 2025. The latest deal brings their total partnership value to approximately $22.4 billion.
CoreWeave stock initially dropped 5% in premarket trading but quickly recovered. The shares gained more than 2% during Thursday morning trading as investors processed the news.
The Livingston, New Jersey-based company provides cloud computing infrastructure specifically designed for GPU-intensive tasks. These systems are essential for training and running machine learning and AI models.
Growing Partnership Scope
Michael Intrator, CoreWeave’s CEO, said the milestone shows the trust that leading innovators have in the company’s capabilities. The agreement covers both inference and training workloads that require high-performance computing.
CoreWeave has positioned itself as a key infrastructure partner in the AI industry. The company has signed deals with major technology firms including Nvidia, Microsoft, and IBM.
Market Context and Performance
The announcement comes after OpenAI revealed plans for its Stargate AI data center project. The Texas facility aims to secure 10 gigawatts of capacity worth $500 billion by the end of 2025.
OpenAI also announced a partnership with Oracle to open three new Stargate sites. That deal carries a $300 billion value.
Nvidia recently signed an agreement with OpenAI to build at least 10 gigawatts of AI data centers. Nvidia will invest up to $100 billion in OpenAI as part of this arrangement.
Customer Concentration Concerns
CoreWeave shares have gained 230% since the company’s IPO in March 2025. Wall Street analysts have generally maintained positive outlooks on the stock.
Some market observers express concern about customer concentration risks. Hedgeye Risk Management noted that Nvidia and OpenAI could become CoreWeave’s only core customers by 2027.
Microsoft currently accounts for 70% of CoreWeave’s revenue according to the company’s most recent earnings report. This heavy reliance on a small number of major clients presents potential risks.
The latest agreement with OpenAI represents CoreWeave’s continued expansion in the AI infrastructure market as demand for computing power grows.
