CoreWeave’s $7.5B in new funding furthers its hyperscale AI reach

May 21, 2024
The new credit line, led by Blackstone and Magnetar, is one of the largest private financing deals.

CoreWeave, an emerging AI cloud computing provider backed by Nvidia, raised $7.5 billion from funds managed by Blackstone. With strategic participation from Magnetar (Co-Lead Investor) and Coatue, CoreWeave will further develop its compute platforms for enterprise customers and AI developers.

The company uses software and automation to deliver an efficient and performant infrastructure tailored to the specific needs of AI engineers and innovators.

Other investors include Carlyle, CDPQ, DigitalBridge Credit, funds and accounts managed by BlackRock, Eldridge Industries, and Great Elm Capital.

This latest funding round reflects the company's growth. Over the past 12 months, CoreWeave has raised $12 billion from equity and debt investors.

Earlier this month, CoreWeave secured $1.1 billion in Series C funding led by Coatue. It also raised a $2.3 billion debt financing facility led by Blackstone and Magnetar in August 2023.

CoreWeave is also making inroads to expand its regional presence in key markets.

The company recently announced its new European headquarters in London - alongside a commitment to invest $1.25 billion in the region. In 2023, CoreWeave more than quadrupled its data center presence from three to 14, and it anticipates doubling its data center footprint to 28 globally 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 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.”

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About the Author

Sean Buckley

Sean is responsible for establishing and executing the editorial strategies of Lightwave and Broadband Technology Report across their websites, email newsletters, events, and other information products.

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