CoreWeave Announces $650 Million Credit Facility to Support Ongoing Growth

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Oct 11, 2024, 08:00 ET

New financing led by JPMorgan, Goldman Sachs, and Morgan Stanley builds on $12.7 billion raised from debt and equity investors over the last 18 months, accelerating CoreWeave's position as the AI Hyperscaler

ROSELAND, N.J., Oct. 11, 2024 /PRNewswire/ -- CoreWeave, the AI Hyperscaler™, today announced it has closed a $650 million credit facility, led by JPMorgan Chase, Goldman Sachs, and Morgan Stanley, with participation from Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, and Wells Fargo. Proceeds from this revolving credit facility will allow CoreWeave to continue scaling its global operations and equip its world-class roster of customers with the infrastructure to power the next generation of AI innovation.

Today's announcement builds on the $12.7 billion raised from equity and debt investors over the last 18 months. These financings include a landmark $7.5 billion debt financing facility led by Blackstone and Magnetar in May 2024, which Blackstone cites as one of the largest private credit financings in history. Coatue led CoreWeave's $1.1 billion Series C in May 2024, following a $2.3 billion debt financing facility led by Blackstone and Magnetar in August 2023.

"This credit facility provides additional liquidity to accelerate our growth strategy and capitalize on new opportunities in the rapidly evolving AI space," said Mike Intrator, CEO and co-founder of CoreWeave. "The incredible support from this syndicate enables us to continue scaling cutting-edge solutions for our clients. Our investors and financial partners recognize that CoreWeave can deliver a superior compute experience grounded in our software advantage. That's also why the world's leading AI enterprises host their training and inference on CoreWeave infrastructure, and why they keep coming back for more capacity."

CoreWeave recently opened its European headquarters in London and has committed to invest $3.5 billion in London and continental Europe. In August, CoreWeave announced it was the first cloud provider to bring NVIDIA H200 Tensor Core GPUs to its customers – continuing a track record of being first-to-market. By the end of 2024, CoreWeave expects to open 28 data centers globally, with an additional 10 new data centers planned in 2025.

About CoreWeave
CoreWeave, the AI Hyperscaler^TM, delivers a cloud platform of cutting-edge software powering the next wave of AI. The company's technology provides enterprises and leading AI labs with cloud solutions for accelerated computing. Since 2017, CoreWeave has operated a growing footprint of data centers across the US and Europe. CoreWeave was ranked as one of the TIME100 most influential companies and featured on Forbes Cloud 100 ranking in 2024. Learn more at www.coreweave.com.

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SOURCE CoreWeave