CoreWeave, Anthropic Form AI Cloud Agreement -- Update

CoreWeave will use its cloud infrastructure to help run Anthropic's Claude artificial-intelligence models as part of a new partnership between the two companies that gives CoreWeave another frontier AI-model customer.

CoreWeave shares were up 5.1% to $96.73 in premarket trading.

The collaboration will initially focus on a "phased infrastructure roll-out with the potential to expand over time," CoreWeave said.

With the addition of Anthropic, nine of the leading 10 AI-model providers now use CoreWeave's cloud platform, said CoreWeave.

Separately, CoreWeave said Friday it was increasing the size of its previously announced private offering of 1.75% convertible senior notes due 2032 to $3.5 billion from $3 billion.

Late Thursday, the company increased the size of a separate offering of 9.75% senior notes due 2031 by $500 million to $1.75 billion.

The increased debt offerings come as the company attempts to finance the data-center build-out required to fulfill its cloud-capacity commitments.

CoreWeave on Thursday said it secured a roughly $21 billion expanded agreement with Meta Platforms to provide AI cloud capacity through December 2032.

And in September, CoreWeave said it was expanding its previous agreement with OpenAI to supply data-center capacity by up to $6.5 billion, bringing the total contract value with OpenAI to about $22.4 billion.

CoreWeave's shares fell sharply late last year, with some critics concerned the company is taking on high levels of debt to fund its infrastructure expansion and is dependent on just a handful of large customers, The Wall Street Journal reported.

Write to Nicholas G. Miller at [email protected].