In this articleCRWVNVDA your favorite stocksCREATE FREE ACCOUNTMike Intrator, Chief Executive Officer and founder of CoreWeave, (C) celebrates after ringing the opening bell surrounded by Executive Leadership and family during the company's Initial Public Offering (IPO) at the Nasdaq headquarters on March 28, 2025 in New York City.
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Santiago | Getty ImagesCoreWeave s jumped almost 8% on Monday after the vider of cloud infrastructure for artificial intelligence workloads disclosed an order worth at least $6.3 billion from Nvidia.Under the terms of the arrangement, Nvidia "is obligated to purchase the residual unsold capacity" through April 2032, CoreWeave said in a filing.
The company said it plans to include a copy of the full agreement alongside its third-quarter financial results."The agreement reflects the scale, trust, and pivotal role CoreWeave plays in accelerating AI innovation worldwide," a CoreWeave spokesperson said in an .CoreWeave already spends heavily on hundreds of thousands of Nvidia graphics cessing units (GPUs), which it then rents out to clients.
The company, which went public in March, is backed by Nvidia, owner of 7% of CoreWeave's Class A s as of June 30.Mike Intrator, CoreWeave's CEO, said in a March interview that he's "not bashful" reaching out to Nvidia CEO Jensen Huang.In its IPO spectus, CoreWeave warned that it's dependent on a limited number of suppliers, and all of the GPUs in its infrastructure at the time had come from Nvidia.
Cloud viders Amazon, Google, Microsoft and Oracle also rely on Nvidia for chips to help them meet AI demand.
Google and Microsoft have both turned to CoreWeave for additional capacity.In August, CoreWeave reported $1.21 billion in second-quarter revenue, up 207% year over year.
The company has continued to lose money, recording a $290.5 million net loss in the period.While CoreWeave is largely reliant on Nvidia chips for its , the company has other large customers when it comes to compute capacity.
Earlier this year, CoreWeave secured a contract with OpenAI that's worth $11.9 billion over five years.With Monday's rally, CoreWeave s have tripled since their IPO, and the company is now valued at over $58 billion.WATCH: CoreWeave CEO: Companies building the AI can not get enough compute, this is a tailwind for uswatch now3:2603:26CoreWeave CEO: Companies building the AI can not get enough compute, this is a tailwind for usClosing Bell: Overtime