Nvidia-Backed AI Infrastructure Firm CoreWeave Raises $7.5B

The company has raised more than $12 billion over the last year amid plans to double its data centers

Ben Wodecki, Jr. Editor

May 22, 2024

2 Min Read
An engineer holding a laptop stands beside a infrastructure stack in a data center
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CoreWeave has raised $7.5 billion in a debt financing round to power AI and machine learning workloads on its specialized cloud infrastructure.

Founded in 2017, CoreWeave offers cloud solutions for customers looking to train and run their AI models. Based in Roseland, New Jersey, its data centers can also be leveraged for non-AI workloads, including graphics and rendering and real-time streaming.

Funds managed by investment firm Blackstone led the round. Magnetar, Coatue and DigitalBridge Credit also participated.

Nvidia, former GitHub CEO Nat Friedman and former Y Combinator investor Daniel Gross are among the company’s previous investors

CoreWeave will use the funds to expand its hardware stock. It already has access to H100 GPUs housed in its data centers, Nvidia’s flagship hardware until the new Blackwell units drop in 2025.

The company also plans to double its global data center numbers to 28 by the end of 2024.

"CoreWeave is building the infrastructure to power the AI innovations that are already changing how businesses operate in the global economy," said Michael Intrator, CoreWeave’s CEO and co-founder. "The caliber of investors in this large debt financing round is a powerful testament to both the insatiable market appetite for AI infrastructure and their belief in CoreWeave's ability to deliver cutting-edge innovation for the largest AI labs and innovators at scale.”

Related:AI Startup Roundup: AI Cloud Infrastructure Startup Raises $200M

CoreWeave began as a crypto venture, utilizing its hardware for Ethereum mining. The company later shifted to running high-intensity computing workloads, claiming its infrastructure is up to 35 times faster and 80% less expensive than legacy cloud providers.

The company has raised more than $12 billion over the last 12 months and recently expanded into Europe, opening an office in London in early May.

“We are really just getting started,” Intrator said. “Our ambitions are to help reshape the cloud landscape, accelerate the AI race and power the next generation of AI innovation that is changing the course of history."

"We are excited to lead one of the largest private credit financings in history,” said Brad Marshall, Blackstone’s global head of private credit strategies. “CoreWeave has established itself as a leading provider of critical infrastructure to support the AI revolution and we're looking forward to partnering with the company on its growth journey.”

About the Author

Ben Wodecki

Jr. Editor

Ben Wodecki is the Jr. Editor of AI Business, covering a wide range of AI content. Ben joined the team in March 2021 as assistant editor and was promoted to Jr. Editor. He has written for The New Statesman, Intellectual Property Magazine, and The Telegraph India, among others. He holds an MSc in Digital Journalism from Middlesex University.

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