CoreWeave: AI Cloud Provider Company Raises $1.1 Billion

By Amit Chowdhry • May 6, 2024

CoreWeave, a leading specialized cloud provider for AI, announced it raised $1.1 billion in new funding led by Coatue, with participation from Magnetar, who led the last primary round, and Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management. The new funding round will support the rapid growth across all business areas and CoreWeave’s expansion into new geographic regions to meet the explosive demand for GPU-accelerated cloud infrastructure worldwide.

Companies are recognizing the potential for AI to enhance efficiencies and productivity, expand revenue, and reduce costs, as well as strategic benefits like growth and innovation. Organizations of every size and industry are racing to deploy larger-scale AI solutions and capabilities, driving explosive demand for robust and scalable infrastructure. However, generalized infrastructure from legacy cloud providers is not designed to handle the massive parallel processing power and memory that AI workloads require.

CoreWeave built its cloud infrastructure with engineers and innovators in mind. Used by leading AI labs and enterprises, CoreWeave Cloud manages complexity through automation to deliver the most performant and efficient cloud infrastructure for AI workloads.

CoreWeave revealed it closed a secondary investment of $642 million in December, which followed a $420 million primary led by Magnetar in April 2023. In August of this year, CoreWeave closed a $2.3 billion debt financing facility led by Magnetar and Blackstone. CoreWeave increased its data center presence in the last year from 3 to 14 and quadrupled its employee headcount.


“CoreWeave continues to push forward as a provider of critical infrastructure in the development of AI, and the high caliber of investors who continue putting their trust in us validates the enormous opportunity we have to define the next generation of cloud computing. CoreWeave is designed specifically to tackle the most complex and pressing challenges in high-performance compute. With this new round, we will continue investing in and working with the largest AI enterprises in the world.”

  • Mike Intrator, co-founder and CEO of CoreWeave

“We believe CoreWeave has emerged as a key leader in building the mission-critical infrastructure foundation required to satisfy society’s current and future demand for high-performance compute at scale to power the generative AI revolution. Since partnering in 2023, we have been impressed by the team’s commitment to operational and technical excellence, and we look forward to continuing our partnership as they drive the next phase of growth for the company and industry.”

  • Philippe Laffont, Founder & Portfolio Manager of Coatue