Financial valuation reports or major investment news releases

Nvidia-Backed CoreWeave Raises $1.1B, Valuation Soars to $19B

May 1, 2024, 03:48 PM

CoreWeave, a New Jersey-based cloud computing provider specializing in AI, has successfully raised $1.1 billion in a Series C funding round led by Coatue, achieving a valuation of $19 billion. This substantial preferred equity investment, which includes contributions from Fidelity and Magnetar Capital, marks a significant increase from its previous valuation of $7 billion just five months ago. The Nvidia-backed company, known for renting out chips to facilitate AI system development, has expanded its operations from three to fourteen datacenters within the past year, and its workforce has quadrupled. CoreWeave's co-founder highlighted the ongoing strong demand for AI computing power, noting that it has not peaked and is expected to continue rising.