CoreWeave said that the deal involves it supplying Meta with computing power to develop and run AI models

Artificial intelligence hyperscaler CoreWeave announced a multibillion-dollar agreement with Meta days after reporting a deal with OpenAI.

Future AI innovations will be far bigger than they are today, so we’re building for them now, CoreWeave said in a Tuesday post on LinkedIn. We’re expanding our partnership with Meta through a new long-term agreement worth up to $14.2 billion. Together, we’re paving the way today to unlock AI’s full promise tomorrow.

In a Tuesday Bloomberg report, CoreWeave said that the deal involves it supplying Meta with computing power to develop and run AI models.

The deal runs through December 2031 and can be extended through 2032 with additional capacity, according to the report.

It helps CoreWeave’s efforts to diversify its business. Before this deal, as of the quarter ended in June, 71% of the company’s revenue came from its largest customer, Microsoft, the report said.

When we came out in the IPO, we got dinged because of our customer concentration, CoreWeave CEO Michael Intrator told Bloomberg, referring to the company’s March initial public offering.

This is clearly a step in the right direction for diversification, he added.

CoreWeave announced its expanded agreement with OpenAI on Thursday, saying the new deal is worth up to $6.5 billion and brings the total contract value to $22.4 billion.

The companies inked a partnership earlier in the year, with CoreWeave agreeing to power OpenAI’s training of its most advanced AI models.

We are proud to expand our relationship with OpenAI, a company consistently at the forefront of advancing artificial intelligence, Intrator said at the time in a press release. This milestone affirms the trust that world-leading innovators have in CoreWeave’s ability to power the most demanding inference and training workloads at an unmatched pace.