CoreWeave, a Roseland, NJ-based provider of a AI cloud solutions for accelerated computing, received a $650M credit facility.
Backers included JPMorgan Chase, Goldman Sachs, and Morgan Stanley, with participation from Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, and Wells Fargo.
The company intends to use the funds to continue scaling its global operations and equip customers with the infrastructure they need to power their next generation of AI innovation.
Led by CEO Mike Intrator, CoreWeave provides a cloud that manages complexity through automation to deliver cloud infrastructure for AI workloads. Its portfolio of technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. The company has a growing presence of data centers covering every region of the US.
Today’s announcement builds on the $12.7 billion raised from equity and debt investors over the last 18 months. These financings include a $7.5 billion debt financing facility led by Blackstone and Magnetar in May 2024, which Blackstone cites as one of the largest private credit financings in history. Coatue led CoreWeave’s $1.1 billion Series C in May 2024, following a $2.3 billion debt financing facility led by Blackstone and Magnetar in August 2023.
The company recently opened its European headquarters in London and has committed to invest $3.5 billion in London and continental Europe. In August, CoreWeave announced it was the first cloud provider to bring NVIDIA H200 Tensor Core GPUs to its customers – continuing a track record of being first-to-market. By the end of 2024, the company expects to open 28 data centers globally, with an additional 10 new data centers planned in 2025.
FinSMEs
14/10/2024