CoreWeave and OpenAI reach infrastructure deal worth up to $11.9 billion

According to The Block, CoreWeave, an AI hyper scale computing service provider and former cryptocurrency mining company that has served top enterprises including IBM, Meta, and Microsoft, announced a $11.9 billion infrastructure agreement with artificial intelligence company OpenAI. A statement released later on Monday stated that the strategic agreement aims to expand OpenAI's computing power to train and deliver its latest models on a large scale to hundreds of millions of users worldwide. OpenAI will also become an investor in this AI hyper scale computing service provider by issuing $350 million worth of CoreWeave stock.