CRWV Stock Reverses Gains After Expanded $21B Deal With Meta — All You Need To Know

• CoreWeave also announced a $3 billion convertible notes offering on Thursday.
• The company stated that it intends to use a portion of the net proceeds to enter into negotiated capped call transactions and the remainder for general corporate purposes.
• CoreWeave also announced that it intends to offer $1.25 billion in senior notes due 2031 to repay its outstanding debt and for general corporate purposes.

CoreWeave Inc. (CRWV) shares soared more than 8% in Thursday’s pre-market trade before losing the gains as the company announced an expanded $21 billion deal with Meta Platforms Inc. (META).

In a joint announcement, CoreWeave stated that it will provide AI cloud capacity to Meta through December 2032 for about $21 billion.

CoreWeave will allocate capacity for Meta across multiple locations and will include some of the initial deployments of Nvidia Corp.’s (NVDA) Vera Rubin platform.

“This is another example that leading companies are choosing CoreWeave’s AI cloud to run their most demanding workloads,” said CoreWeave CEO Michael Intrator.

CoreWeave shares were down 4% in Thursday’s opening trade. Retail sentiment on Stocktwits about the company trended in the ‘neutral’ territory, while CRWV was among the top trending tickers on the platform at the time of writing.

CoreWeave Announces $3B Convertible Notes Offering

CoreWeave also announced a $3 billion convertible notes offering on Thursday. The company stated that it intends to grant the purchasers of the notes an option to purchase an additional $450 million in aggregate principal.

CoreWeave stated that it intends to use a portion of the net proceeds to enter into negotiated capped call transactions and the remainder for general corporate purposes.

The company also announced that it intends to offer $1.25 billion in senior notes due 2031 to repay its outstanding debt and for general corporate purposes.

Meta's 2026 Capex Guidance

The $21 billion deal builds on a similar $14.2 billion agreement signed by CoreWeave and Meta in September 2025. 

The Facebook-parent forecast capital expenditure of up to $135 billion in 2026 while announcing its fourth-quarter (Q4) results in January 2026.

The company stated that its capex growth is driven by increased investment to support its Meta Superintelligence Labs efforts and its core business.

CRWV stock is up 28% year-to-date, while META stock is down 5%. The Vanguard Total Stock Market Index Fund ETF (VTI) is up 24% over the past 12 months, while the Vanguard Mid-Cap Index Fund ETF (VO) is up 21%.

NVDA stock is down 3% year-to-date.

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