Coreweave Stock Surges: $6 Billion AI Data Center Announcement in Pennsylvania Boosts Company’s Profile

In a significant development, shares of CoreWeave experienced a notable uptick of over 9% on Tuesday, following the announcement of a substantial $6 billion artificial intelligence (AI) data center project in Pennsylvania.

The undertaking encompasses an initial construction of a 100 megawatt data center in Lancaster, a city approximately 70 miles west of Philadelphia. The data center possesses the potential for expansion up to 300 MW.

CoreWeave’s Chief Executive Officer, Michael Intrator, commented on the venture in a press release, stating, “The insatiable demand for high-performance AI compute persists,” and further emphasized that CoreWeave is dedicated to scaling a cloud specifically designed for AI to meet this demand and bolster US leadership.

This announcement was made during the Pennsylvania Energy and Innovation Summit in Pittsburgh, an event chaired by Sen. Dave McCormick (R-Penn.). The summit is hosting President Donald Trump, members of his administration, and various executives for discussions regarding AI and investment opportunities within the state.

In conjunction with the summit, Google revealed a $25 billion data center and AI infrastructure agreement, as well as pledging $3 billion to modernize two hydropower plants in Pennsylvania.

Since its public debut at the end of March, CoreWeave has seen remarkable growth, with shares opening at $39 and experiencing an increase of over 250% since then. The company recently announced a $9 billion acquisition of data center infrastructure provider, Core Scientific. This transaction is expected to augment CoreWeave’s access to power and real estate resources, while also eliminating approximately $10 billion in future lease commitments, according to the company.

CoreWeave had previously established itself as a significant client of Core Scientific, and the acquisition is poised to further solidify their partnership.