CoreWeave Secures $1.1 Billion in Series C Funding to Drive the Next Generation of Cloud Computing for the Future of AI

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May 30, 2024, 08:00 ET

ROSELAND, N.J., May 1, 2024 /PRNewswire/ -- CoreWeave, the AI hyperscaler, today announced it has secured $1.1 billion in new funding, led by Coatue, with participation from Magnetar who led the last primary round, as well as Altimeter Capital, Fidelity Management & Research Company, Lykos Global Management, funds managed by Blackstone, Eric Schmidt, and Jane Street Group. New funding will be used to support the rapid growth across all areas of the business, and CoreWeave's expansion into new geographic regions to meet the explosive demand for GPU accelerated cloud infrastructure worldwide.

"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," said Mike Intrator, co-founder and CEO of CoreWeave. "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."

Companies increasingly recognize the potential for AI to enhance efficiencies, 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 powerful 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 designed its cloud infrastructure with engineers and innovators in mind. Trusted by leading AI labs and enterprises, CoreWeave Cloud manages complexity through automation to deliver the most performant and efficient cloud infrastructure for AI workloads.

"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," said Philippe Laffont, Founder & Portfolio Manager of Coatue. "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."

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

About CoreWeave
CoreWeave is the AI hyperscaler designed to power the most complex workloads with customized solutions at scale. The company's portfolio of cutting-edge technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. Its world-class teams, talent, and engineering prowess bring unmatched speed-to-market for advanced compute. CoreWeave operates a growing footprint of data centers covering every region of the US. It was founded in 2017 and is based in New Jersey. Learn more at www.coreweave.com.

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Brittany Stone
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SOURCE CoreWeave