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.