CoreWeave announced Wednesday it secured $1.1 billion in Series C funding. The raise will support rapid growth across areas of its business.
The Roseland-based company is the leading specialized cloud provider for AI. Famously, it started out of a garage in suburban New Jersey.
Coatue led the funding round. Additionally participation came from Magnetar as well as Altimeter Capital, Fidelity Management & Research Co., and Lykos Capital Management.
As AI rapidly evolves and companies race to deploy large-scale AI solutions and capabilities, demand has exploded for powerful and scalable infrastructure to match. CoreWeave provides that support.
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High praise
Coreweave CEO Michael Intrator is one of 26 New Jersey business leaders named regional finalists for Ernst & Young’s Entrepreneur of the Year award. Click here to see who else is in the running. [/box]
“CoreWeave continues to push forward as a provider of critical infrastructure in the development of AI, and the high caliber of investors who continue putting their trust in us validates the enormous opportunity we have to define the next generation of cloud computing,” said Mike Intrator, co-founder and CEO of CoreWeave.
Intrator noted that CoreWeave designed its cloud infrastructure with engineers and innovators in mind. Specifically, the platform seeks to tackle the most complex and pressing challenges in high performance computing.
New growth
The funding will offer the opportunity to expand into new geographic regions to meet the explosive demand for GPU (graphics processing unit) accelerated cloud infrastructure worldwide.
“With this new round, we will continue investing in and working with the largest AI enterprises in the world,” said Intrator.
The funding round builds on a December secondary investment of $642 million. That followed a $420 million primary led by Magnetar in April 2023. Last August, CoreWeave secured a $2.3 billion debt financing facility led by Magnetar and Blackstone.
Coatue founder and portfolio manager Philippe Laffont said that since partnering with CoreWeave in 2023, his organization has been impressed by the team’s commitment to operational and technical excellence.
“We believe CoreWeave has emerged as a key leader in building the mission-critical infrastructure foundation required to satisfy society’s current and future demand for high performance compute at scale to power the generative AI revolution,” said Laffont. “We look forward to continuing our partnership as they drive the next phase of growth for the company and industry.”
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