Insider Brief

• CoreWeave, a leading specialized GPU cloud provider, has secured a $642 million minority investment led by Fidelity Management & Research Company, with participation from various top-tier investors including IMCO and J.P. Morgan Asset Management.
• The company, known for its modern approach to hardware engineering and proprietary software stack, specializes in high-performance cloud computing for complex workloads like generative AI and drug discovery, offering differentiated infrastructure in the AI industry.
• CoreWeave’s rapid growth includes expanding its data center presence, quadrupling its employee headcount, and securing significant funding in Series B and debt financing, reflecting its mission to define the next generation of cloud computing.

PRESS RELEASE — ROSELAND, N.J./December 4, 2023 /PRNewswire/ — CoreWeave, the leading specialized GPU cloud provider, today announced it has closed a minority investment of $642 million led by Fidelity Management & Research Company, with additional participation from Investment Management Corporation of Ontario (“IMCO”), Jane Street, J. P. Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures and others.

“Our explosive growth trajectory has been recognized 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,” said Michael Intrator, co-founder and CEO of CoreWeave.

CoreWeave is delivering the next generation of cloud computing, with a modern approach to hardware engineering and proprietary software stack that is designed specifically for the most complex and intensive workloads like generative AI and drug discovery — filling a void left unaddressed by the generalized offerings provided by hyperscalers. The Company’s specialized approach to combining hardware and software expertise provides unprecedented performance, while also delivering complete end-to-end control of the compute environment for customers to optimize workload management, visibility and stability.

“The AI industry is at an inflection point, and CoreWeave has played a central role in powering its evolution by delivering differentiated infrastructure to customers,” said Michael Intrator. “CoreWeave is solving critical issues by integrating the most performant and flexible GPU, networking and storage technologies into the most differentiated AI infrastructure available today. We are building at the pace of AI software adoption.”

As AI development continues to rapidly mature, institutional investors are recognizing the critical role that infrastructure will play in moving the industry forward and CoreWeave’s differentiation across both hardware and software engineering that is essential in delivering it.

The support from CoreWeave’s new financial and strategic partners comes on the heels of major momentum as the company continues its mission to define the next generation of cloud computing. In the last year alone, CoreWeave has delivered infrastructure to some of the largest players in AI including Inflection AI and Mistral, significantly increased its data center presence from three to 14, and quadrupled its employee headcount.

In August, CoreWeave announced that it secured a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone and with strategic participation from Coatue, DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle.

In April, CoreWeave announced it had raised $221 million in Series B funding led by Magnetar Capital with contributions from NVIDIA, Nat Friedman and Daniel Gross. One month later, CoreWeave secured $200 million in a Series B extension, also led by Magnetar Capital.

CoreWeave was advised by Morgan Stanley & Co. LLC on this transaction.

About CoreWeave
CoreWeave is a specialized GPU cloud provider, 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 datacenters 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
[email protected]

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Featured image: Credit: CoreWeave