CoreWeave Inc. shares surged more than 9% on Tuesday after the cloud computing firm unveiled a $6 billion investment in a new artificial intelligence-focused data centre campus in Pennsylvania, further solidifying its rapid expansion into AI infrastructure.
At the time of writing, the CRWW stock was up 8% to trade at around $143.10.
The company said the project will begin with a 100-megawatt (MW) facility in Lancaster, a city located about 70 miles west of Philadelphia.
The site will eventually scale to 300 MW to accommodate growing demand for AI workloads.
“The demand for high-performance AI compute is relentless,” CoreWeave CEO Michael Intrator said in a statement. “CoreWeave is scaling a cloud purpose-built for AI to meet it and strengthen US leadership.”
The announcement coincided with the Pennsylvania Energy and Innovation Summit held in Pittsburgh, an event hosted by Senator Dave McCormick (R-Pa.) and attended by President Donald Trump, administration officials, and tech executives, where AI investment and infrastructure were key themes.
The project is expected to generate around 600 skilled, competitively paid jobs during the construction phase.
Upon launch, it will support approximately 70 full-time technical and operational positions, eventually scaling up to about 175 roles as operations expand.
At the same summit, Google also announced a $25 billion commitment toward data center and AI infrastructure investments, which includes $3 billion earmarked for upgrading two hydropower plants in Pennsylvania.
CoreWeave, which offers AI-focused cloud infrastructure and rents out access to Nvidia chips, has seen strong investor interest since its March IPO, with shares rising more than 250% from their $39 opening price.
The Core Scientific deal
Tuesday’s announcement comes on the heels of CoreWeave’s $9 billion acquisition of Core Scientific, a move designed to increase control over data center capacity and streamline operations.
Core Scientific is a data center infrastructure provider that had previously served as one of CoreWeave’s major partners.
The acquisition gives CoreWeave control of 1.3 gigawatts (GW) of gross data center power and eliminates an estimated $10 billion in future lease obligations, the company said.
“Owning this infrastructure de-risks future expansion and enhances operational efficiency,” Intrator said in a statement confirming the deal earlier this month.
CoreWeave plans to repurpose Core Scientific’s existing crypto mining facilities to support AI and high-performance computing (HPC) workloads.
According to the company, this vertical integration will accelerate CoreWeave’s build-out of infrastructure without depending on third-party landlords.
Analysts expect the acquisition to yield approximately $500 million in annual cost savings by 2027, citing greater efficiencies in power procurement, real estate management, and operational oversight.
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