CoreWeave – a leading specialized GPU cloud provider – recently announced it had closed a minority investment of $642 million led by Fidelity Management & Research Company, with additional participation from Investment Management Corporation of Ontario (IMCO), Jane Street, J. P. Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures and others. This deal was done at at about a $7 billion valuation.
CoreWeave has been delivering the next generation of cloud computing with a modern approach to hardware engineering and software stack designed specifically for the most complex and intensive workloads like generative AI and drug discovery. This fills a void left unaddressed by the generalized offerings provided by hyperscalers. And the company’s specialized approach to combining hardware and software expertise provides unprecedented performance while also delivering complete end-to-end control of the computing environment for customers to optimize workload management, visibility, and stability.
As AI development continues to rapidly mature, institutional investors are recognizing the critical role that infrastructure will play in moving the industry forward and CoreWeave’s differentiation across both hardware and software engineering that is essential in delivering it.
The support from CoreWeave’s new financial and strategic partners comes on the heels of momentum as the company continues its mission to define the next generation of cloud computing. Over the last year alone, CoreWeave delivered infrastructure to some of the largest players in AI, including Inflection AI and Mistral, significantly increased its data center presence from three to 14, and quadrupled its employee headcount.
In August, CoreWeave secured a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone and with strategic participation from Coatue, DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle.
In April, CoreWeave announced that it raised $221 million in Series B funding led by Magnetar Capital with contributions from NVIDIA, Nat Friedman, and Daniel Gross. About a month later, CoreWeave secured $200 million in a Series B extension, also led by Magnetar Capital.
KEY QUOTE:
“Our explosive growth trajectory has been recognized by top-tier institutional investors, and this transaction highlights the differentiation our market-leading performance, significant technology advantage, and strong customer adoption is receiving in the market.”
“The AI industry is at an inflection point, and CoreWeave has played a central role in powering its evolution by delivering differentiated infrastructure to customers. CoreWeave is solving critical issues by integrating the most performant and flexible GPU, networking and storage technologies into the most differentiated AI infrastructure available today. We are building at the pace of AI software adoption.”
— Michael Intrator, co-founder and CEO of CoreWeave
