CoreWeave says Meta initially committed to pay up to $14.2B in new order form

In a regulatory filing, CoreWeave (CRWV) disclosed that on September 25, the company and Meta Platforms (META) entered into a new order form under the existing Master Services Agreement dated as of December 10, 2023, pursuant to which the company provides Meta access to cloud computing capacity through fulfillment of reserved capacity orders submitted to the company by Meta and as may be amended upon the company’s and Meta’s mutual agreement. Subject to any termination and satisfaction of delivery and availability of service requirements, Meta has initially committed to pay the company up to approximately $14.2B through December 14, 2031 under the order form, with the option to materially expand its commitment through 2032 for additional cloud computing capacity under the order form. “As a result, the company has determined that the MSA is a material agreement within the meaning of Item 1.01 of Form 8-K. The MSA will remain in place until either all outstanding orders under the MSA are expired or terminated, or the MSA is otherwise terminated in accordance with its terms. Either party may terminate the MSA (and any order thereunder) for cause. The MSA contains customary provisions regarding representations and warranties, indemnification, and limitations on liabilities,” the filing stated.