New Multi-Year Agreement With ChatGPT-Maker
CoreWeave, a prominent Nvidia-backed provider of AI cloud infrastructure, has signed a new agreement with
OpenAI—the developer behind
ChatGPT—for up to $4 billion in cloud computing services through April 2029. The deal, revealed in a recent regulatory filing, builds on the companies’ growing partnership, following an expanded $12 billion collaboration announced in March that also gave OpenAI a significant equity stake in CoreWeave[3][4][5].
Massive Spending to Meet Soaring AI Demand
CoreWeave’s latest deal with OpenAI comes as the company ramps up its investment in AI infrastructure and data center capacity. This year, CoreWeave expects to spend between $20 billion and $23 billion to support booming demand from leading technology clients, including Microsoft and Nvidia[1][3].
- CoreWeave’s plans involve large-scale purchases of Nvidia-powered servers and advanced data centers to host AI workloads for clients such as OpenAI and other hyperscalers.
- The company revealed an adjusted net loss of about $150 million for Q1 2025, higher than analysts expected, with concerns mounting over its aggressive debt-fueled expansion[1].
Expanding Client Base Amid Tight Competition
Microsoft remains CoreWeave’s largest customer, accounting for 62–72% of its revenue in recent quarters[1][4]. However, the new OpenAI contract is expected to help diversify CoreWeave’s customer base and reduce OpenAI’s dependence on Microsoft for cloud compute, particularly as OpenAI pursues its own data center projects such as Stargate[4].
Executive Confidence Despite Investor Concerns
CoreWeave CEO Michael Intrator underscored ongoing support from lenders and partners, highlighting the company’s ability to scale rapidly in response to client requirements. "They look at the contracts, they understand the contracts, they understand our business, and they continue to lend us money so that we can scale and deliver," Intrator told CNBC[3].
Despite recent stock volatility and concerns over profitability, Wall Street analysts are split about CoreWeave’s future. While some caution that the company could be serving as overflow capacity for Microsoft, others note that projected annual revenues between $4.9 billion and $5.1 billion surpass current market expectations[1].
Strategic Implications for the AI Industry
The strengthened partnership between CoreWeave and OpenAI reinforces both companies' positions in the race to provide state-of-the-art AI services. The agreement further reduces
OpenAI's reliance on a single cloud provider and solidifies CoreWeave’s status as a critical player in the high-stakes world of generative AI infrastructure[5].
