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Artificial Intelligence

Coreweave Is Finding Billions To Expand Access to GPUs

May 5, 2024
x min read

One of the fastest growing venture backed companies focused on providing access to GPUs is getting ready to go to the next level.

What’s happening:

  • Specialized GPU cloud provider Coreweave has raised $1.1B USD in a new Series C financing round
  • The round was led by Coatue, with notable participation from Altimeter Capital and Fidelity Management and Research Company

Why it matters:

  • Coreweave has been an early leader in providing access to GPUs for startups building leading edge artificial intelligence technology amidst a boom in venture capital funding for startups focused on artificial intelligence

By the numbers:

  • Coreweave previously secured $2.3B USD in a debt deal led by Magnetar and Blackstone
  • In the last 12 months, Coreweave has built out 9 new data centres to expand their cloud computing capacity

Going deeper:

  • Coreweave has a number of notable early backers including chip maker Nvidia (NASDAQ: NVDA) and plans to begin expanding their data centre operations outside of the United States and into Europe in the near future

The intrigue:

  • The race to build out and acquire new data centres for cloud computing capacity has been a rapidly growing trend, with Amazon and Starwood Capital recently making new moves to get in on the growing opportunity around artificial intelligence workloads

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