CoreWeave, a provider of a cloud-based platform specializing in high-performance computing for complex workloads, recently secured $650 million in growth funding.
The minority funding round was led by investors including Jane Street, Magnetar, Fidelity Management & Research Company, and entities administered by Macquarie Capital. Additional participants included Cisco Investments, Pure Storage, BlackRock, Coatue, and Neuberger Berman.
With fresh funds, CoreWeave intends to further scale up its cloud platform designed to handle highly complex and demanding computing needs, making it a preferred choice for leading AI laboratories and enterprises. The CoreWeave platform leverages a Kubernetes-native architecture and offers access to a broad range of NVIDIA GPUs, providing performance that is up to 35 times faster and 80% more cost-effective than traditional cloud providers.
CoreWeave has raised a total of $12.8 billion in funding over 10 rounds, to date.
Below is an overview of CoreWeave funding timeline.
- April 2021: Secured $17.4 million in an early-stage venture capital round, valuing the company at $68.6 million.
- May 2023: Raised $421 million in a Series B funding round, bringing the company’s valuation to $490 million.
- August 2023: Obtained a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone to meet the surging demand for specialized cloud infrastructure to power AI.
- May 2024: Closed a $1.1 billion Series C funding round led by Coatue, with participation from Magnetar and other investors, elevating the company’s valuation to $19 billion.
- May 2024: Secured a $7.5 billion debt financing facility led by Blackstone and Magnetar, marking one of the largest private financings in history.
- October 2024: Announced a $650 million credit facility led by JPMorgan Chase, Goldman Sachs, and Morgan Stanley, aimed at supporting ongoing growth and expansion.
It is reported that CoreWeave is planning to go public in 2025, amidst a series of fundraising rounds, which included both debt and equity from alternative asset managers.