CoreWeave's stock rallies on disclosure of $6.3 billion order from Nvidia

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CoreWeave

shares jumped as much as 8% on Monday after the provider 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.

CoreWeave already spends heavily on hundreds of thousands of Nvidia graphics processing units (GPUs), which it then rents out to clients. The company, which went public in March, is backed by Nvidia, owner of about 7% of CoreWeave’s Class A shares as of June 30.

CoreWeave's stock rallies on disclosure of $6.3 billion order from Nvidia

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