NEW YORK, July 1, 2026, 10:01 (EDT)
- Meta jumped 6.8% early in New York after a report said it may sell surplus AI compute.
- CoreWeave dropped 10.9%, with Nebius down 12.3%.
- Meta has revealed and possible capacity contracts with CoreWeave and Nebius worth $62.2 billion, or 46% of the midpoint of its 2026 capex forecast. The deals span multiple years.
- The big investor question is if Meta can pull in revenue from unused AI capacity, but still keep the scarcity trade that boosted neocloud shares.
Shares of Meta Platforms NASDAQ:META rallied Wednesday following a Bloomberg News report that the Facebook owner is planning to launch a cloud service, selling extra AI computing power. That move could help address investor concerns about high AI costs by adding a new source of revenue. Reuters, quoting the Bloomberg story, said it could not verify the report, and Meta did not reply to a Reuters request for comment.
U.S. cash equities traded as of the dateline. At 9:46 a.m. EDT, Meta jumped $38.17, or 6.8%, to $601.46. CoreWeave was down $10.88, or 10.9%, at $88.66. Nebius Group NASDAQ:NBIS dropped $34.04, or 12.3%, to $242.13. Amazon.com NASDAQ:AMZN lost 1.4%, Microsoft NASDAQ:MSFT was up 1.1%, and Alphabet NASDAQ:GOOGL added 0.7%.
| Stock | Latest price | Move | Market read |
|---|---|---|---|
| Meta Platforms NASDAQ:META | $601.46 | +6.8% | Current move adds roughly $98 billion to the company’s equity by market cap math |
| CoreWeave NASDAQ:CRWV | $88.66 | -10.9% | Market cap drops by approximately $5.7 billion based on the price move |
| Nebius Group NASDAQ:NBIS | $242.13 | -12.3% | Largest percent decline among checked AI capacity stocks |
| Amazon.com NASDAQ:AMZN | $234.94 | -1.4% | Move is smaller for this big cloud name |
| Microsoft NASDAQ:MSFT | $377.20 | +1.1% | Cloud peer holds its ground |
| Alphabet NASDAQ:GOOGL | $359.75 | +0.7% | Cloud peer holds up |
Investors looking at equity value got a clearer signal. Meta saw its market cap jump about $98 billion, which is over twice the size of CoreWeave’s full valuation at that moment. So, the market wasn’t only reacting to hype over a potential new Meta product. Traders were also betting Meta could make up for some of its heavy AI spending, which has been pressuring free cash flow. For the sellers of AI capacity, it’s a warning: Meta could end up as both customer and new source of supply.
The capacity ledger is where things get more direct. Meta is buying AI compute, but Bloomberg says it could also sell off some extra compute capacity.
| Item | Confirmed data | Investor use |
|---|---|---|
| Meta 2026 capex guide | $125 billion-$145 billion | How much Meta plans to spend on AI |
| Meta Q1 capex | $19.84 billion | Takes up 35% of Meta’s Q1 revenue |
| Meta Q1 free cash flow | $12.39 billion | Q1 capex ran 1.6x free cash flow |
| CoreWeave capacity for Meta | $21 billion through December 2032, plus prior $14.2 billion deal | Meta’s exposure to neocloud running out to 2032 |
| Nebius capacity for Meta | $12 billion by 2027, plus possible $15 billion more | Meta could bring Nebius total up to $27 billion |
| CoreWeave + Nebius total | Up to $62.2 billion | Almost half Meta’s 2026 capex midpoint; agreements stretch over years |
Meta in April raised its 2026 capital expenditure forecast to $125 billion to $145 billion, up from the $115 billion to $135 billion range, pointing to pricier components and higher data center costs. For Q1, the company posted $56.31 billion in revenue, $19.84 billion in capex, and free cash flow came in at $12.39 billion.
Mark Zuckerberg said at Meta’s shareholder meeting in May that selling cloud compute capacity is “definitely on the table” if the company builds more than it needs. He noted outside firms approach Meta “almost every week” interested in model access or leftover compute, but said Meta hasn’t started selling because it still needs the resources itself. Reuters
The risk for CoreWeave isn’t Meta pulling out of the agreement. The concern is that if investors start expecting more AI compute capacity from the hyperscalers already buying from CoreWeave, then its multiple could get hit. CoreWeave announced in April it will supply Meta with AI cloud infrastructure through December 2032 in a deal worth about $21 billion. Some of the workloads will use Nvidia NASDAQ:NVDA Vera Rubin systems. CEO Michael Intrator said top-tier companies are picking its cloud for their “most demanding workloads.” CoreWeave
Reuters said the $21 billion CoreWeave deal comes on top of a $14.2 billion agreement signed in September. Microsoft made up about 67% of CoreWeave’s revenue last year, according to the report, while Meta is now one of CoreWeave’s biggest customers. CoreWeave plans up to $35 billion in capex this year.
Nebius is also competing for deals. The Amsterdam AI infrastructure firm said in March that Meta agreed to buy $12 billion in AI capacity from it by 2027. Meta could take another $15 billion over five years if Nebius doesn’t sell that to other clients. CEO Arkady Volozh said the agreement will “accelerate the build-out and growth” of Nebius’s AI cloud. Reuters
Meta is set to spend at cloud level, but unlike other big players, it doesn’t break out cloud revenue or report a cloud backlog. There’s no track record with outside enterprise buyers either. Company statements make that clear.
| Company / cloud unit | Latest reported cloud data | Run-rate or backlog signal |
|---|---|---|
| Amazon.com NASDAQ:AMZN / AWS | Q1 sales at $37.6 billion and op income $14.2 billion | Annualized sales come to $150.4 billion; op margin is 37.8% |
| Microsoft NASDAQ:MSFT / Microsoft Cloud | Revenue $54.5 billion, commercial RPO stands at $627 billion | Cloud revenue annualized at $218 billion; Azure and other cloud services up 40% |
| Alphabet NASDAQ:GOOGL / Google Cloud | Revenue hits $20.03 billion, op income at $6.60 billion | Annualized sales $80.1 billion, backlog tops $460 billion |
| Meta Platforms NASDAQ:META | Q1 capex was $19.84 billion; capex guide for 2026 put at $125 billion-$145 billion | No cloud revenue numbers out |
Amazon CEO Andy Jassy called AWS Q1 growth the “fastest growth in 15 quarters.” Alphabet boss Sundar Pichai said Google Cloud’s backlog almost doubled from the last quarter, topping $460 billion. If Meta ever tries to jump from running its own systems to selling cloud, that’s the level it would have to match. Amazon
Meta holders are looking at the reported cloud push as a new angle for the capex story. If Meta’s AI projects don’t soak up all that compute, the company could move some inventory by selling to third parties, which might help handle depreciation, power, and chip expenses. For CoreWeave and Nebius holders, it’s a flip side: the customer that backed the neocloud idea could end up bringing more supply to market, too.
