In a significant move bolstering its capabilities, cloud compute infrastructure provider, CoreWeave, has successfully raised $2.3 billion in debt financing. This funding is uniquely supported by Nvidia’s cutting-edge artificial intelligence chips and is poised to fuel the expansion of hardware dedicated to artificial intelligence (AI) training. The funding was led by Magnetar Capital, along with participants including Coatue, DigitalBridge, BlackRock, PIMCO, Carlyle, and Great Elm.
CoreWeave’s journey began as a player in the Ethereum cryptocurrency domain in 2017, employing Nvidia GPUs to process Ethereum blockchain transactions at scale, earning crypto tokens. In recent years, CoreWeave shifted gears, pivoting its strategy towards offering infrastructure that will define the future of AI.
The global rise of artificial intelligence has spurred monumental progress, with potential solutions spanning education, healthcare, and technology development. Accompanying this growth is an exponential demand for the intricate infrastructure required to sustain it. CoreWeave is at the forefront of this paradigm shift, rapidly expanding its capacity to meet the evolving demands of the AI revolution.
CoreWeave expands access to high-performance GPUs with new data centers
CoreWeave drives the surge in large language models (LLM) and generative AI through its meticulously designed, highly efficient cloud infrastructure on a massive scale. The fresh funding will fuel the expansion of its high-performance compute resources, facilitate new data center establishments, and contribute to the growth of CoreWeave’s exceptional workforce.
Earlier this month, CoreWeave made a significant announcement, revealing plans for a new data center in Plano, Texas, with a total investment of $1.6 billion. This development marks a crucial milestone as the company actively expands its capacity and infrastructure presence.
Previously, CoreWeave introduced a state-of-the-art data center in New York City, strategically positioned to offer ultra-low latency services to more than 20 million residents throughout the metropolitan region. By the close of 2023, the company envisions having a network of 14 operational data centers.
CoreWeave and NVIDIA unveil the fastest supercomputer
In collaboration with NVIDIA, CoreWeave unveiled a groundbreaking achievement last month – the creation of the fastest AI supercomputer. This achievement was substantiated by an industry-standard benchmark test named MLPerf. Leveraging CoreWeave’s openly accessible supercomputing infrastructure, the new MLPerf GPT-3 175B large language model (LLM) was trained in an impressive time frame of under 11 minutes.
This debt financing of $2.3 billion follows the recent $421 million raised by CoreWeave in Series B funding. In April, CoreWeave raised $221 million, led by Magnetar Capital, with contributions from NVIDIA, Nat Friedman, and Daniel Gross. In May, it added $200 million more in a Series B extension, also led by Magnetar Capital.