CoreWeave (CRWV, Financial) saw its stock rise over 10% following the announcement of a $6 billion investment to build an AI data center in Lancaster, Pennsylvania. This announcement was made at the Pennsylvania Energy and Innovation Summit, attended by the company's CEO and former President Trump. The data center's initial phase will provide 100 megawatts (MW) of power for AI workloads, with the potential to expand to 300 MW. This facility is set to be one of the region's first large-scale data centers focused on high-performance computing, positioning Pennsylvania as a strategic AI hub.
The project is expected to create approximately 600 tech jobs during construction and offer around 70 full-time positions initially, eventually expanding to about 175 roles. Since its IPO at $40 per share in late March, CoreWeave's stock has more than doubled, reaching a peak of $183.58 in June before slightly declining. Cisco Systems recently disclosed holding 1.06 million shares of CoreWeave. Investors are keen to see if the new capacity will drive revenue growth and strengthen CoreWeave's position in the AI infrastructure market.
