By Zaheer Kachwala

(Reuters) -CoreWeave said it has signed a $14 billion agreement with Meta to supply computing power, the latest multi-billion-dollar deal as businesses ramp up infrastructure to meet the demand for artificial intelligence applications.

Shares of CoreWeave surged 15% following the news on Tuesday.

Under the agreement, Meta has committed to pay around $14.2 billion through December 14, 2031, with the option to expand through 2032 for additional cloud computing capacity, CoreWeave said in a filing.

AI technology developers are rushing to sign multi-billion-dollar deals to lock in infrastructure quickly, boosting valuations of backend service providers such as CoreWeave, which was valued at $60 billion as of last close.

The boom has also raised questions about “circular

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