Shares of CoreWeave popped 10% in premarket trading on Monday after Nvidia announced it has invested $2 billion in the artificial intelligence infrastructure provider.

Nvidia purchased CoreWeave Class A common stock at $87.20 per share, according to a release. The share price is a discount from Friday’s closing price of $92.98.

“CoreWeave’s deep AI factory expertise, platform software, and unmatched execution velocity are recognized across the industry,” Nvidia CEO Jensen Huang said in a statement. “Together, we’re racing to meet extraordinary demand for NVIDIA AI factories—the foundation of the AI industrial revolution.”

CoreWeave primarily generates revenue by building and renting out data centers that are full of Nvidia’s graphics processing units, which are key for training models and running large AI workloads. The company, which some investors have classified as a “neocloud,” has become a crucial player in an increasingly interconnected web of AI infrastructure partners.

Nvidia is already a major CoreWeave backer.

In September, CoreWeave disclosed an order worth at least $6.3 billion from Nvidia in a filing with the U.S. Securities and Exchange Commission. Nvidia has an obligation to buy the “residual unsold capacity through April 2032, according to the agreement.

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