✦ Signing All Four LabsNarrow moat

The commercial bet is escaping Microsoft. In April 2026 CoreWeave expanded its Meta agreement by about $21 billion through December 2032, taking Meta's total contracted spend to roughly $35 billion¹, and added Anthropic to a roster that already included OpenAI and Google — leaving CoreWeave as the rare supplier serving every major AI lab at once². Against a company that took about 67% of its 2025 revenue from Microsoft alone, that is meaningful progress.

It is also the strongest available evidence that CoreWeave delivers something the alternatives do not — speed to capacity, cluster reliability, engineering support — because these customers are precisely the ones who could go elsewhere or build their own. Winning Anthropic and Meta on multi-year terms while both build internal infrastructure is a genuine endorsement.

The unresolved question is whether four concentrated customers are meaningfully safer than one. Every name on that list is simultaneously building its own silicon or data centers, and each is large enough that losing one at renewal would be a material event. Watch the disclosed customer-concentration percentages as the new contracts ramp: falling top-two share is the diversification working. Watch renewals even more closely — in this business the first contract proves capability and the second proves the moat.