Meta Commits $48B to CoreWeave and Nebius for AI Cloud Capacity

Meta Platforms is locking in $48 billion in AI cloud deals—$21 billion with CoreWeave and up to $27 billion with Nebius—to secure specialized infrastructure amid its own buildout. These commitments fuel explosive growth at the neoclouds: CoreWeave revenue hit $5.1 billion (+168% YoY) and Nebius $530 million (+479% YoY), though both posted losses (CoreWeave -$1.2B; Nebius -$447M) funded by massive debt (Nebius $8.3B in March; CoreWeave $6.25B more in April atop $21B). Commentary flags risks of commoditization as GPU supply eases, favoring CoreWeave's scale over Nebius's growth but stressing execution hurdles for sustained premiums.