CoreWeave (CRWV), Iren Stocks Jump on Nebius’ Meta Deal after Nvidia Tie-Up

Shares in CoreWeave CRWV +1.57% ▲ and Iren IREN +0.51% ▲ climbed early Monday after their Amsterdam-based rival Nebius NBIS +4.54% ▲ snapped up a $27 billion AI buildout deal from tech giant META -3.83% ▼ . The new contract comes days after Nebius also secured a $2 billion investment from top AI chipmaker Nvidia NVDA -1.58% ▼ .

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These new deals underscore continued confidence in neo‑cloud firms that supply the extra AI cloud computing power and capacity hyperscalers need for their AI products and services. The rally is especially helpful for CoreWeave, which has been under pressure from investors worried about its ability to keep up with customer demand.

In addition, reports that software giant Oracle ORCL -2.54% ▼ and OpenAI have abandoned their plans to build a massive AI data center in Abilene, Texas, have not helped either. However, CoreWeave is reportedly working toward raising about $8.5 billion in syndicated bank loans to fuel its AI buildout, riding on its $14.2 billion deal with Meta from last year.

For Iren, apart from its 10% jump after Nebius’ recent $2 billion investment from Nvidia, the Sydney-based company’s shares have struggled to make headway lately. While analysts believe that Iren’s recent purchase agreement with Nvidia likely signaled management’s confidence that demand for Iren’s offering remains solid, investors have been weighed down by plans to raise up to $6 billion through new share issuance.

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