CoreWeave Secures $642 Million Investment
CoreWeave, an AI cloud infrastructure company, has recently sold a minority stake in its operations, raising $642 million in the process. The investment round was led by Fidelity Management and Research, with additional contributions from Daniel Gross, Goanna Capital, Investment Management Corporation of Ontario, Jane Street, JPMorgan Asset Management, Nat Friedman, and Zoom Ventures.
This transaction has boosted CoreWeave’s valuation to $7 billion, according to Bloomberg.
Both Daniel Gross and Nat Friedman were key participants in CoreWeave’s Series B round, which secured $221 million and helped the company achieve a valuation of $2 billion.
In August, CoreWeave secured a $2.3 billion debt financing facility in a funding round led by Magnetar Capital and managed by Blackstone Tactical Opportunities. The round also saw strategic involvement from asset management firms Coatue and DigitalBridge Credit, as well as contributions from funds managed by BlackRock, PIMCO, and Carlyle.
Founded in 2017 as a crypto-mining venture, CoreWeave has since pivoted to focus on general-purpose computing and generative AI hosting. The company has established itself as a specialized cloud provider, offering access to a range of Nvidia GPUs, including H100s, A100s, A40s, and RTX A6000s, supporting applications in machine learning, AI, graphics rendering, life sciences, and real-time streaming.
Michael Intrator, co-founder and CEO of CoreWeave, stated, “The AI industry is at a critical inflection point, and CoreWeave has played a key role in accelerating its progress by providing tailored infrastructure solutions to our clients.” He highlighted CoreWeave’s dedication to solving complex challenges by integrating cutting-edge GPU, networking, and storage technologies, ensuring it offers the most innovative AI infrastructure that keeps pace with the rapid adoption of AI software.
