CoreWeave secured a significant infrastructure supply deal with OpenAI, providing AI compute capacity to power OpenAI's services and training.

CoreWeave has announced a strategic agreement to deliver AI infrastructure to OpenAI, expanding the latter's compute capacity for training and delivering its latest models at scale to its hundreds of millions of users around the world. The contract value for this strategic deal is up to $11.9 billion. As part of this deal, OpenAI will become an investor in CoreWeave through the issuance of $350 million of CoreWeave stock.

Michael Intrator, co-founder and CEO of CoreWeave, said: "Partnering with OpenAI on this net new contract underscores CoreWeave's proven ability to deliver reliable and performant infrastructure services, powering AI innovations for world-leading AI labs. We remain a partner-of-choice to meet the bleeding-edge needs of pioneers to unleash AI's potential to change the world." Sam Altman, CEO of OpenAI, added: "Advanced AI systems require reliable compute, and we're excited to continue scaling with CoreWeave so we can train even more powerful models and offer great services to even more users. CoreWeave is an important addition to OpenAI's infrastructure portfolio, complementing our commercial deals with Microsoft and Oracle, and our joint venture with SoftBank on Stargate."

CoreWeave specializes in delivering AI-optimized cloud infrastructure tailored for compute-intensive workloads. Backed by AI chip giant Nvidia, the company is preparing to go public on the Nasdaq in the coming weeks. According to its IPO prospectus filed last week, CoreWeave experienced a revenue surge of over 700% in 2024, reaching $1.92 billion, with more than 60% of this revenue coming from Microsoft, a key investor in OpenAI. The company ended 2024 with 32 operational data centers housing over 250,000 Nvidia GPUs.

In October, CoreWeave secured a $650 million credit facility to support its business expansion and data center growth. Over the past two years, the company has raised more than $12 billion through a combination of equity and debt financing. Beyond its partnership with Microsoft for AI computing services, CoreWeave's customers include major tech firms such as Meta, IBM, and Cohere.

OpenAI's infrastructure strategy extends across multiple partners. In June 2024, Oracle, Microsoft, and OpenAI announced a partnership to extend the Microsoft Azure AI platform to Oracle Cloud Infrastructure (OCI), boosting capacity for OpenAI's expanding services. With OCI's AI infrastructure, OpenAI joins other innovators like NVIDIA, xAI, and MosaicML in leveraging OCI Supercluster's cutting-edge GPU capabilities for large-scale AI model training and deployment.