AI cloud firm CoreWeave has secured another massive AI compute capacity contract from Meta.

Revealed by the neocloud today, April 9, the agreement will see CoreWeave providing Meta with AI cloud capacity through to December 2032 for approximately $21 billion.

In addition to the new contract, CoreWeave is raising $4.25bn in convertible and senior notes, as it continues to raise capital to fund its ongoing build-out.

CoreWeave x Meta

The dedicated capacity for Meta will be deployed across multiple locations and will include deployments of the Nvidia Vera Rubin platform.

The contract builds on an existing agreement between the two companies, signed in September 2025 and valued at $14.2bn for cloud services through to December 2031. That deal was reportedly the basis for CoreWeave's $8.5bn delayed draw loan that was secured in late March 2026 for the "acquisition of GPU servers and related infrastructure" for a customer contract.

At the time of the loan being revealed, Bloomberg reported that the $14.2bn contract had been increased by $5bn.

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

This is the second AI infrastructure contract Meta has signed with a value surpassing $20bn in one month. In March, Meta signed an agreement that could see it spending up to $27bn on AI capacity from European neocloud Nebius, and will also include Nvidia Vera Rubin deployments.

CoreWeave seeks more funding

In addition to CoreWeave securing the Meta contract, the neocloud has revealed that it plans to raise $4.25bn through an offering of both senior and convertible notes.

Of the raise, $1.25bn will be senior notes due 2031 and $3bn convertible senior notes due 2032. Both will be available via a private offering for qualified institutional buyers.

The neocloud has been rapidly sourcing funding.

This year so far, CoreWeave has secured $1bn in financing from Morgan Stanley, an $8.5bn loan for GPU purchases, and $2bn in investment from Nvidia.