Meta Just Committed $35 Billion to CoreWeave's GPU Farms
Meta has signed a new deal to spend an additional $21 billion with CoreWeave between 2027 and 2032, on top of a prior $14.2 billion commitment. Total exposure: $35.2 billion to a single GPU infrastructure provider. Meta’s projected capital expenditures for 2026 alone sit at $115 to $135 billion — nearly double 2025 levels.
The logic is portfolio hedging. Meta is building its own facilities (including a major Texas data center) while simultaneously contracting with CoreWeave for scalable capacity it can access immediately without the 18-month construction timeline. CoreWeave benefits by diversifying away from Microsoft, which previously represented a dominant share of its revenue.
The numbers here are hard to internalize. $35 billion to one company for GPU compute, as part of a broader year in which the Magnificent Seven are collectively targeting around $680 billion in AI-related capital expenditure. That’s a 70% increase from 2025.
Barclays estimates hyperscaler capex won’t peak until 2028, when it will reach $1 trillion. The analysts believe the market is currently underestimating that peak by $300 billion. At some point this stops being investment and starts being infrastructure dependency.