Nvidia Extends $6.3B Cloud Capacity Backstop Deal with CoreWeave Through 2032

Nvidia has solidified its partnership with CoreWeave through a $6.3 billion agreement, ensuring payment for unused cloud capacity until 2032. The deal, announced Monday, extends a prior 2023 arrangement and provides CoreWeave with financial security amid fluctuating AI demand.

CoreWeave's shares surged 8% following the news. The company operates AI-focused data centers in the U.S. and Europe, leveraging Nvidia's GPUs—the same hardware powering tools like ChatGPT. This partnership positions CoreWeave as a key infrastructure ally for Nvidia, reducing reliance on tech giants like Microsoft and OpenAI.

Barclays analysts highlight the deal as a strategic backstop, guaranteeing capacity utilization regardless of end-market demand. The MOVE comes alongside CoreWeave's existing $11.9 billion commitment to OpenAI, underscoring its growing role in AI infrastructure.