CoreWeave, a cloud service provider specialising in GPU-heavy workloads, has signed a $11.9bn deal to provide AI infrastructure to OpenAI.
This deal is expected to bolster OpenAI’s compute capacity, which is said to be crucial for training and deploying advanced AI models to its global user base.
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As part of the agreement, OpenAI will invest $350m in CoreWeave through the purchase of CoreWeave stock.
CoreWeave plans to issue shares through a private placement to OpenAI, at the time of its initial public offering (IPO), according to Reuters.
The deal has a term of five years, according to the news agency.
OpenAI CEO Sam Altman said: “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 providers a cloud platform for compute-intensive workloads. The CoreWeave Cloud Platform is engineered for demanding AI applications, offering high-performance computing resources necessary for AI innovation.
CoreWeave co-founder and CEO Michael Intrator 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.”
The deal comes on the heels of CoreWeave’s financial disclosures in its IPO filing earlier in March 2025.
The company reported increase in revenue to $1.92bn in 2024, up from $228.9m the previous year.
However; the company’s net loss expanded from $593.7m in 2023 to $863.4m in 2024.
So far, CoreWeave raised over $14.5bn through 12 rounds of financing, with a $7bn raised in one of the largest private debt rounds on record, led by Blackstone and Magnetar.
In November 2024, it was reported that CoreWeave was targeting a valuation in excess of $35bn.
