CoreWeave Inc. signage in Times Square in New York, US, on Friday, May 9, 2025.
Yuki Iwamura | Bloomberg | Getty Images
Coreweave stock climbed more than 9% on Tuesday after the company announced a $6 billion artificial intelligence data center project in Pennsylvania.
The commitment includes an initial 100 megawatt data center built in Lancaster, a city about 70 miles west of Philadelphia. The data center will be able to expand to 300 MW.
“The demand for high-performance AI compute is relentless,” said CoreWeave CEO Michael Intrator in a release, “and CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen US leadership.”
The announcement comes as part of the Pennsylvania Energy and Innovation Summit in Pittsburgh hosted by Sen. Dave McCormick, R-Penn., where President Donald Trump, members of his administration and executives are meeting to discuss AI and investment opportunities in the state.
Google announced a $25 billion data center and AI infrastructure deal Tuesday in conjunction with the summit, and pledged $3 billion to upgrade two hydropower plants in Pennsylvania.
CoreWeave, which rents out access to Nvidia AI chips, has been on a tear since it went public at the end of March. Shares opened at $39 and are up more than 250% since then.
The company announced a $9 billion acquisition of data center infrastructure provider Core Scientific last week, a deal that will boost CoreWeave’s access to power and real estate.
CoreWeave was already a major customer of Core Scientific and the deal will cut $10 billion in future lease commitments, according to the company.