Press Release

CoreWeave secures £509m investment for specialised GPU cloud services

Wed 6 Dec 2023

Specialist in GPU cloud services CoreWeave has successfully closed a minority investment of £509.7 million ($642 million).

This financial backing was led by Fidelity Management & Research Company and also saw participation from Investment Management Corporation of Ontario, Jane Street, JP Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures, and others.

Michael Intrator, Co-founder and CEO of CoreWeave, said: “Our explosive growth trajectory has been recognised by top-tier institutional investors, and this transaction highlights the differentiation our market-leading performance, significant technology advantage, and strong customer adoption is receiving in the market.”

CoreWeave delivers cloud computing tailored for complex and intensive workloads like Generative AI and drug discovery. Its combined approach to hardware and software offers performance and end-to-end control for customers to optimise workload management, visibility, and stability.

“The AI industry is at an inflection point. We are building at the pace of AI software adoption,” added Intrator.

Over the past year, CoreWeave has expanded its data centre presence from three to 14 locations, quadrupled its employee headcount, and provided infrastructure to major AI players like Inflection AI and Mistral.

This latest funding round follows CoreWeave’s previous financial milestones, including a £1.8 billion ($2.3 billion) debt financing facility secured in August and a £175.5 million ($221 million) Series B funding round in April.

This funding was extended by £158.8 million ($200 million) the following month, all led by Magnetar Capital with contributions from NVIDIA, Coatue, DigitalBridge Credit, and funds managed by BlackRock, PIMCO, and Carlyle.

Amplify Your Business at Tech Show London 2024 – Enquire Now!

Send us a correction Send us a news tip