Meta Platforms Enters AI Cloud Market
Meta Platforms (NASDAQ: META) has expanded its AI infrastructure commitments with CoreWeave and Nebius Group, signing a $21 billion agreement with CoreWeave and a potential $27 billion deal with Nebius over five years. This brings Meta’s total investment in CoreWeave to $35 billion.
In a strategic shift, Meta is reportedly building its own cloud services to sell excess AI computing capacity, following indications from CEO Mark Zuckerberg that the company may sell this surplus at a premium. Additionally, Meta is in talks to lease $10 billion in computing power to AI startup Anthropic over two years.
CoreWeave operates 43 data centers and recorded $2.07 billion in revenue in Q1 2023, while Nebius, with 11 data centers, reported $399 million in revenue for the same period. Both companies are experiencing substantial growth despite recent losses.
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