04:17 AM EDT, 06/13/2025 (MT Newswires) -- Meta Platforms ( META ) has made a "significant" investment in Scale AI that values the company at more than $29 billion and expands their commercial partnership, Scale AI said late Thursday.

After its investment, Meta will hold a minority of Scale's outstanding equity, the company said without providing financial details.

Reuters reported, citing sources familiar with the matter, that Meta is taking a 49% stake in Scale for $14.3 billion.

Scale, which provides data for AI development through its data foundry, said it will use proceeds of the deal to improve its offerings and provide liquidity to its shareholders and vested equity holders.

Scale Chief Executive and Founder Alexandr Wang is joining Meta to work on its artificial intelligence efforts while continuing to serve as a director on the Scale board.

Scale said it has named Chief Strategy Officer Jason Droege as interim chief executive.