Something interesting is unfolding between Meta Platforms and two companies it has significant business relationships with, CoreWeave and Nebius Group. Brokers from Fonndure dive into this topic, noting that Meta recently signed a $21 billion expanded deal for AI infrastructure with CoreWeave, giving it increased capacity to develop AI programs.

Factoring in a previous $14 billion agreement, Meta now has a combined $35 billion in commitments to CoreWeave alone, underscoring just how central these partnerships have become to its AI ambitions.

A Similar Pattern Is Playing Out With Nebius

A comparable relationship exists with Nebius, a neocloud provider with which Meta signed a long-term AI infrastructure deal in March valued at up to $27 billion over five years. That kind of long-term commitment initially signaled a straightforward customer relationship.

Now, though, Meta appears to be shifting strategy. According to Bloomberg, the company is building a cloud business of its own to sell excess AI computing capacity, a move that follows comments from leadership suggesting Meta might sell overbuilt computing capacity to other companies at a premium.

From Customer to Potential Rival

Reports that Meta may lease up to $10 billion in computing power to a major AI start-up add a new layer of complexity to its strategy. On one hand, such a deal reinforces Meta’s growing role as a supplier of large-scale AI infrastructure, signalling that its investments are not just internal but potentially commercial in scope.

On the other hand, this development raises a critical question for companies like CoreWeave and Nebius: is Meta still primarily a customer, or is it evolving into a direct competitor? The distinction matters. If Meta begins monetising its infrastructure at scale, it could increasingly compete for the same enterprise and AI-driven workloads that neocloud providers are targeting.

This ambiguity is exactly what makes the situation worth close attention. For investors, the key issue is not just Meta’s spending, but how that spending translates into market positioning. As the line between partner and competitor continues to blur, shareholders in both companies should remain highly attentive to how these relationships evolve in the months ahead.

Understanding CoreWeave and Nebius

While Meta needs no introduction as the operator of Facebook and Instagram, CoreWeave and Nebius occupy a more specialized niche. Both are neocloud companies, building high-performance data centers powered by Nvidia GPUs and renting that computing power to customers building and training AI programs.

CoreWeave is the larger of the two, operating 43 data centers as of the end of March with 850 megawatts of active power and 3.1 gigawatts of contracted capacity. The company reported $2.07 billion in first-quarter revenue, up sharply from $982 million a year earlier, alongside a net loss of $740 million.

Nebius remains considerably smaller, with 11 data centers, only five of which are currently operational. Still, the company reports contracted capacity exceeding 3.5 GW, and its revenue jumped from $50.9 million in the first quarter of 2025 to $399 million in the same period this year, though it posted a net loss of $100.3 million for the quarter.

A Company Known for Bold, Risky Bets

Meta and its leadership will likely face pointed questions about this evolving strategy when the company reports quarterly earnings on July 29. The company has a well-documented history of taking big strategic risks, for better or worse.

This is, after all, the same company that rebranded from Facebook to Meta Platforms in 2021 to signal its pivot toward building the metaverse. That bet ultimately fell short after roughly $80 billion in investment, eventually leading to layoffs within its Reality Labs division.

What This Means for Neocloud Investors

Meta is making it increasingly clear that it intends to be a major force in AI infrastructure, whether that means competing directly with specialised players like CoreWeave and Nebius or challenging established cloud leaders such as Alphabet, Microsoft, and Amazon. 

The strategic direction points toward greater vertical integration, with Meta building out its own capabilities rather than relying solely on external providers.

This shift is reinforced by capital reallocation away from metaverse initiatives and toward AI-focused infrastructure, signalling a more immediate and commercially relevant priority. Meta appears willing to commit significant financial resources to secure its position in what is rapidly becoming one of the most critical layers of the technology stack.

For companies like CoreWeave and Nebius, this evolution introduces growing competitive tension. What was once primarily a customer relationship may increasingly resemble direct competition, blurring traditional boundaries. As a result, investors in these firms will need to closely monitor how Meta’s expanding ambitions reshape the competitive landscape.