CoreWeave’s bonds dropped again after Bloomberg reported that Meta Platforms is preparing to enter the cloud infrastructure market, selling access to AI computing power and potentially raw compute capacity. The news sent CoreWeave shares tumbling roughly 14%, with fellow neocloud provider Nebius Group experiencing similar or steeper losses.
The $35 billion question
The scale of CoreWeave’s exposure to Meta is hard to overstate. The company’s total contracted spend with Meta amounts to approximately $35.2 billion through 2032, built from a $14.2 billion agreement signed in September 2025 and a $21 billion expansion deal announced in April 2026.
More than one-third of CoreWeave’s entire backlog comes from Meta. For Nebius, the concentration is even more severe, with over half its business tied to the social media giant.
D.A. Davidson analyst Gil Luria described the development as “very negative” for CoreWeave and Nebius.