CoreWeave, a specialized cloud provider of large-scale GPU-accelerated workloads, secured a $2.3 billion debt financing facility. The funding was led by Magnetar Capital and funds managed by Blackstone Tactical Opportunities with strategic participation from asset management firms Coatue and DigitalBridge Credit, and additional support from funds and accounts managed by BlackRock, PIMCO and Carlyle.
CoreWeave is powering the LLM (large language model) and generative AI boom with cloud infrastructure at scale. The new financing will be used to add to its fleet of computers to serve its customers, open new data centers and add to CoreWeave’s staff.
“AI has the potential to transform the way we engage with technology, power the industries of the future, and make society’s vital services more efficient – as long as the infrastructure is in place to deliver performance at scale,” Michael Intrator, CEO and co-founder of CoreWeave, said. “CoreWeave is delivering on this unprecedented level of demand with the most reliable, flexible and highly performant compute resources to lead the industry forward. The new resources from these world class investors are a vote of confidence in our accomplishments to date and validate our future strategy.”
“We are incredibly proud to expand our years-long partnership with CoreWeave through this important transaction that positions the company for long-term growth and success,” David Snyderman, chief investment officer and managing partner at Magnetar Capital, said. “As AI becomes increasingly integrated into businesses and society at large, CoreWeave is well equipped to meet the world’s increasing need for high performance compute and serve as a value-added provider to each of its customers.”
“The soaring computing demand from generative AI will require significant investment in specialized GPU cloud infrastructure – where CoreWeave is a clear leader in powering innovation,” Jasvinder Khaira, senior managing director at Blackstone, said. “Blackstone’s investment in CoreWeave aligns perfectly with our focus on AI and digital infrastructure, and takes advantage of our scale and flexibility to offer innovative financial solutions to market leaders.”
