Bernstein: Meta AI Compute
> Bernstein estimates Meta currently has a massive ~20GW global footprint with another ~14GW coming online in the next few years.> Concurrently, reports indicate Google has throttled Meta's compute capacity due to its own constraints, raising questions about whether Meta truly has "excess" capacity right now.> Meta holds $35.2B in CoreWeave contracts (over one-third of CRWV’s backlog). Combined with Microsoft's ~$14B in contracts, nearly half of CoreWeave's backlog comes from companies that will likely be direct competitors by the time these contracts are up for renewal.CoreWeave's Major Backlog Highlights> Meta $Meta Platforms(META.US): $35.2B total (signed late 2025 and expanded April 2026 through Dec 2032, including early NVIDIA Vera Rubin deployments).> Microsoft $Microsoft(MSFT.US): Estimated ~$14B across a series of relationships (effectively ~9 contracts).> OpenAI: $22.4B total across multiple expansions signed in 2025.> Jane Street: $6B multi-year infrastructure deal signed in April 2026, which included a $1B equity investment.> NVIDIA $NVIDIA(NVDA.US): A backstop agreement through 2032 worth up to $6.3B to purchase unsold CRWV capacity.
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