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CoreWeave Shares Dip Despite $4B OpenAI Deal as Investor Concerns Over Spending Linger

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CoreWeave (CRWV.O) shares fell 2.5% on Thursday despite announcing a major $4 billion expansion deal with OpenAI, as investor concerns persisted over the company’s aggressive spending plans relative to its projected revenue.

The Nvidia-backed cloud computing firm said during its first post-IPO earnings call on Wednesday that it plans to spend nearly four times its expected 2025 revenue, triggering skepticism despite strong top-line partnerships.

Key Deal Highlights:

  • OpenAI, a major CoreWeave client, will pay the company through April 2029, as per a newly disclosed regulatory filing.

  • This is in addition to their existing $11.9 billion, five-year cloud services contract, which includes equity ownership by OpenAI in CoreWeave.

  • CoreWeave also confirmed that it signed a new hyperscaler client, but declined to identify the company.

Market Reaction and Analyst Views:

  • Stock Performance: Despite the dip, CoreWeave shares remain up over 64% since their March IPO.

  • Analyst Reactions:

    • Morgan Stanley and MoffettNathanson speculate the unnamed new hyperscaler is Alphabet (Google), citing earlier reports that Google was exploring renting Nvidia chips from CoreWeave.

    • However, Gil Luria of D.A. Davidson & Co warned that hyperscalers are temporary clients, likely to exit once their own infrastructure catches up.

“They will likely go away once they have built out enough of their own data centers,” Luria said.

Context: AI Boom Meets Investor Caution

CoreWeave is part of a growing class of infrastructure providers fueling the AI boom by offering GPU-as-a-service platforms to leading AI developers. Yet, the AI investment wave is entering a more scrutinized phase, as cheaper models from firms like DeepSeek raise questions about sustainability and margins.

Despite robust demand and high-profile partnerships, CoreWeave’s heavy capital expenditures — far outpacing revenue — remain a red flag for value-focused investors, especially as competitors build out in-house capabilities.

Still, at least seven brokerages have raised their price targets for CoreWeave stock to between $50 and $80, showing continued optimism about the company’s long-term role in AI infrastructure.

TensorWave Raises $100 Million to Expand AMD-Powered AI Infrastructure

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TensorWave, a Las Vegas-based AI infrastructure startup, has raised $100 million in a Series A funding round to scale operations and meet rising demand for high-performance AI computing. The company did not disclose its current valuation.

The round was led by Magnetar and AMD Ventures, with participation from existing backers Maverick Silicon and Nexus Venture Partners, along with new investor Prosperity7.

As AI model development becomes increasingly compute-intensive, firms like TensorWave are positioning themselves as essential enablers by building GPU-based infrastructure designed for efficient model training and workload optimization.

“This $100M funding propels TensorWave’s mission to democratize access to cutting-edge AI compute,” said CEO Darrick Horton.

Strategic Focus and Market Context

TensorWave plans to use the fresh capital to:

  • Scale operations and expand its team

  • Deploy AMD-powered GPU clusters

  • Accelerate delivery of infrastructure tailored to AI workloads

The announcement comes amid projections that the global AI infrastructure market will exceed $400 billion by 2027, driven by the rapid adoption of generative AI, machine learning, and data-intensive applications.

Unlike many competitors reliant on Nvidia hardware, TensorWave’s focus on AMD GPUs could offer cost advantages and diversification for AI developers seeking alternatives in a supply-constrained market.

Industry Momentum

The funding reflects growing investor confidence in companies that support the underlying layers of AI innovation — particularly those offering scalable, affordable compute infrastructure for startups, research institutions, and enterprises alike.

TensorWave joins a wave of AI infrastructure startups benefiting from explosive interest in model training platforms, data center hardware, and cloud-based acceleration solutions amid ongoing AI commercialization.

Bain Capital Plans $4 Billion+ Sale of China Data Centre Arm WinTriX

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Bain Capital is preparing to sell the China business of data centre operator WinTriX DC Group, in a deal that could value the division at over $4 billion, according to two sources with direct knowledge of the matter. The move comes amid soaring valuations in the global data centre market, fueled by surging demand for artificial intelligence infrastructure.

The potential sale would mark a major strategic reshuffle for Bain Capital, which acquired Chindata Group in 2019, later merged it with Southeast Asia’s Bridge Data Centres, and then rebranded and separated the businesses under the WinTriX name after taking Chindata private in a $3.16 billion deal in 2022.

Key Financials and Deal Context:

  • WinTriX’s China unit is projected to generate close to 4 billion yuan ($554 million) in EBITDA in 2025.

  • The sale process is in early stages, with advisors having held preliminary talks with potential buyers.

  • Bytedance, the parent company of TikTok, was WinTriX’s largest customer in 2022, accounting for 86% of its revenue, according to Fitch Ratings.

Market Backdrop:
The sale comes as data centre valuations surge globally, bolstered by AI-driven growth. In 2023, Australia’s AirTrunk was sold to a Blackstone-led consortium at over 20 times forward earnings, illustrating investor appetite in the sector. By comparison, GDS Holdings, a major China-based rival, is currently trading at a P/E multiple of 8.48, per LSEG data.

Fitch Downgrade Adds Complexity:
Despite growth opportunities, Fitch Ratings downgraded WinTriX in February from “BBB” to “BB”, citing increased risks tied to its strategic pivot toward overseas expansion, slower demand for hyperscale centres in China, and rising local competition.

Bridge Data Centres to Remain Under Bain:
Sources said Bain will retain control of Bridge Data Centres, which operates outside China and in March secured a $2.8 billion bank loan to support expansion in markets like India and Malaysia.

Neither Bain Capital nor WinTriX responded to Reuters’ requests for comment.

As AI infrastructure continues to drive global investment in cloud and compute capabilities, the potential WinTriX China sale could be a timely cash-out for Bain Capital, while also offering a major player a foothold in China’s data infrastructure market — albeit one still closely tied to a dominant but concentrated revenue base.