Key Points

Meta Platforms holds major agreements with neocloud providers CoreWeave and Nebius Group for AI computing capacity.
Published reports show that Meta is exploring options to sell surplus computing capacity at a premium.
10 stocks we like better than Meta Platforms

An intriguing development is unfolding involving Meta Platforms (NASDAQ: META) and two firms it works with, CoreWeave (NASDAQ: CRWV) and Nebius Group (NASDAQ: NBIS).

Meta recently finalized a $21 billion expanded agreement for artificial intelligence infrastructure, boosting its ability to advance AI initiatives. Combined with an earlier $14 billion commitment, Meta now holds $35 billion in obligations to CoreWeave.

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Comparable developments are occurring with Nebius. Meta entered a long-term agreement for AI infrastructure with the neocloud provider in March, valued at up to $27 billion across five years.

Yet Meta appears to be adjusting its approach. Bloomberg indicates the company is now developing its own cloud operations to offer excess AI computing capacity. This follows comments from CEO Mark Zuckerberg suggesting Meta could sell surplus computing resources to other firms at a premium.

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The New York Times reports that Meta is currently discussing with Anthropic, the startup behind the Claude large language model, a potential lease of up to $10 billion in computing power over two years.

Is Meta Platforms a key client or an emerging rival to CoreWeave and Nebius? This is the issue that may concern investors.

About CoreWeave and Nebius

While Meta Platforms stands out in the stock market as the operator of Facebook, Instagram, and additional social platforms, CoreWeave and Nebius may be less familiar. Both are viewed as neocloud firms that construct high-performance data centers using Nvidia graphics processing units and lease the computing power to clients developing, training, and running AI programs.

CoreWeave leads in scale, managing 43 data centers as of late March with 850 megawatts of active power and 3.1 gigawatts of contracted power. The firm posted $2.07 billion in revenue for the first quarter, rising from $982 million the prior year, alongside a net loss of $740 million.

Nebius operates on a smaller scale with 11 data centers, five of which are active. The company notes contracted capacity above 3.5 GW, and revenue grew from $50.9 million in the first quarter of 2025 to $399 million in Q1 2026. It recorded a net loss of $100.3 million for the quarter.

Meta's shifting strategy

Meta Platforms and CEO Mark Zuckerberg will likely face numerous inquiries on strategy during quarterly earnings on July 29. The firm has demonstrated readiness to pursue substantial risks.

This is the same company that rebranded from Facebook to Meta Platforms in 2021 to focus on the metaverse, a virtual space for work, meetings, and social interaction. That initiative did not succeed, and after $80 billion in spending, Meta has begun reducing staff in its Reality Labs unit.

Whether positioning to rival CoreWeave and Nebius or challenging major cloud providers such as Alphabet, Microsoft, and Amazon, Meta aims to lead in AI. As it moves focus from the metaverse, the company retains ample resources and drive for aggressive investment.

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Patrick Sanders holds positions in Nebius Group and Nvidia. The Motley Fool holds positions in and recommends Alphabet, Amazon, Meta Platforms, Microsoft, and Nvidia. The Motley Fool maintains a disclosure policy.

The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.