- Reinforces CoreWeave's market position as the AI
hyperscaler
- Builds on CoreWeave's significant momentum, evidenced by over
$12 billion raised from equity and
debt investors over the last 12 months
- Historic financing builds on the Company's recently announced
$1.1 billion Series C and
$2.3 billion debt raise in 2023
- Investment represents one of the largest private financings in
history
- New funding will be used to support the market's unprecedented
demand for CoreWeave's specialized AI cloud infrastructure
ROSELAND, N.J., May 17, 2024
/PRNewswire/ -- CoreWeave, the AI hyperscaler, today
announced it has signed a definitive agreement for a $7.5 billion debt financing facility led by funds
managed by Blackstone ("Blackstone"), with strategic participation
from Magnetar (Co-Lead Investor) and Coatue. Participation in the
financing also included Carlyle, CDPQ, DigitalBridge Credit, funds
and accounts managed by BlackRock, Eldridge Industries, and Great
Elm Capital Corp. The new financing will be used to further develop
CoreWeave's growing fleet of high-performance compute to execute
existing contracts with leading enterprise customers and AI
innovators.
Today's announcement builds on CoreWeave's exponential momentum
and growth, evidenced by over $12
billion raised from equity and debt investors over the last
12 months. This includes a landmark $1.1
billion Series C in May 2024
led by Coatue, and a $2.3 billion
debt financing facility led by Blackstone and Magnetar in
August 2023. The Company also
recently announced its new European headquarters in London - alongside a commitment to invest
$1.25 billion in the region. In 2023,
CoreWeave more than quadrupled its data center presence from three
to 14, and it anticipates doubling its data center footprint to 28
globally by the end of 2024.
"CoreWeave is building the infrastructure to power the AI
innovations that are already changing how businesses operate in the
global economy," said Michael
Intrator, CoreWeave CEO and co-founder. "The caliber of
investors in this large debt financing round is a powerful
testament to both the insatiable market appetite for AI
infrastructure and their belief in CoreWeave's ability to deliver
cutting edge innovation for the largest AI labs and innovators at
scale. And we are really just getting started - our ambitions are
to help reshape the cloud landscape, accelerate the AI race, and
power the next generation of AI innovation that is changing the
course of history."
"We are thrilled to expand our existing partnership with
CoreWeave and strengthen its market leadership in providing the
specialized GPU cloud infrastructure required to support today's
explosive growth in AI," said Jasvinder
Khaira, a Senior Managing Director, and John Watson, a Managing Director, at Blackstone.
"AI and digital infrastructure are among our highest conviction
themes at Blackstone and we are excited to leverage our global
platform and flexible capital to support management as it rapidly
deploys AI infrastructure at enormous scale."
"We are excited to lead one of the largest private credit
financings in history. CoreWeave has established itself as a
leading provider of critical infrastructure to support the AI
revolution and we're looking forward to partnering with the company
on its growth journey," added Brad
Marshall, Global Head of Private Credit Strategies at
Blackstone.
"As the first institutional investor in CoreWeave, we have
witnessed firsthand their remarkable evolution from a small startup
to a go-to-market leader in advanced AI computing solutions," said
David Snyderman, Chief Investment
Officer and Managing Partner at Magnetar. "Given their already
substantial and expanding AI infrastructure capabilities, coupled
with enhanced institutional backing, CoreWeave is exceptionally
well-positioned to deliver high performance compute."
The next era of computing will be driven by AI workloads that
put tremendous demand on computational resources. CoreWeave is
uniquely positioned to fill a void in the cloud market by
delivering the high-power infrastructure that these market-leading
AI products require. Trusted by top AI labs and enterprises,
CoreWeave Cloud uses software and automation to deliver an
efficient and performant infrastructure tailored to meet the
specific needs of AI engineers and innovators.
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.
Contact:
Brittany Stone
coreweave@teneo.com
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SOURCE CoreWeave