Meta Platforms may commit over $62 billion to CoreWeave and Nebius before entering the cloud computing market as a competitor.
Meta Platforms could spend up to $62.2 billion on cloud capacity deals with CoreWeave and Nebius, including $14.2 billion and $21 billion agreements with CoreWeave and a $12 billion contract with Nebius. An additional $15 billion is conditional on Nebius failing to sell capacity elsewhere.
The contracts extend through 2031 and 2032, indicating Meta’s long-term reliance on external providers despite plans to launch its own cloud service. Reports suggest Meta aims to sell surplus AI capacity or host third-party models, though details remain unconfirmed.
Shares of CoreWeave and Nebius fell 10.8% and 12.4%, respectively, following the news. Pressure on the firms may emerge during future capacity negotiations if Meta reduces external demand.