CoreWeave, a startup focused on artificial intelligence (AI), has secured $2.3bn in debt financing facility led by Magnetar Capital and Blackstone Tactical Opportunities-managed funds.
The funding also saw participation from the asset management companies Coatue and DigitalBridge Credit as well as funds and accounts managed by BlackRock, PIMCO, and Carlyle.
Set up in 2017, the US-based CoreWeave offers access to specialised cloud services, powered by graphics processing units (GPUs), to run AI models.
The additional funding will be used to expand CoreWeave’s workforce, build new data centres, and bolster its high-performance computing capabilities.
CoreWeave CEO and co-founder Michael Intrator said: “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.
“CoreWeave is delivering on this unprecedented level of demand with the most reliable, flexible, and highly performant compute resources to lead the industry forward.”
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Magnetar Capital chief investment officer and managing partner David Snyderman 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.”
In late July, CoreWeave opened a new $1.6bn data centre facility in Texas to expand access to High-Performance GPUs.