OpenAI commits up to ~$11.9B through October 2030 for CoreWeave cloud capacity; CoreWeave issues OpenAI $350M of stock

The parties

• OpenAIcompany pageBuyer
• CoreWeavecompany pageProvider

The source

CoreWeave S-1/A, 2025-03-12Regulatory filing

Master services agreement with OpenAI OpCo. Condition: CoreWeave to establish an SPV holding the infrastructure, financed with SPV-level debt. CoreWeave agreed to issue OpenAI Class A shares worth $350.0M at the IPO price. OpenAI may terminate all or part of the commitment on repeated availability failures (Q1 2025 10-Q). Expanded May 2025 and September 2025.

The same parties, other deals

• Nvidia gives SB Energy residual value guaranties, capped at $105B, on ~4.25 GW of Ohio data center leases to OpenAI$105B · 17 Aug 2026
• Jane Street commits ~$6B to CoreWeave's AI cloud and buys $1B of CoreWeave stock at $109.00$6B · 15 Apr 2026
• Meta signs a new CoreWeave order form; Meta's initial commitment is ~$21B through December 20, 2032$21B · 9 Apr 2026
• CoreWeave closes $8.5B DDTL 4.0, rated A3/A (low), to finance GPU servers for a customer contract$8.5B · 31 Mar 2026
• Amazon agrees to invest $50B in OpenAI: $15B in the current round plus a $35B commitment tied to milestones or an IPO$50B · 27 Feb 2026
• OpenAI expands its AWS agreement by $100B over eight years, including ~2 GW of Trainium capacity$100B · 27 Feb 2026