CoreWeave raised $1.1B to continue driving the AI cloud infrastructure of the future
CoreWeave recently completed a $1.1 billion Series C funding round led by Coatue, with the participation of former lead investor Magnetar, and others. CoreWeave has stated that the new funds will drive the company's growth and global expansion.
CoreWeave secured the $1.1 billion in a Series C funding round led by Coatue with participation from Magnetar —the principal investor in CoreWeave's previous funding round—, Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management. The funding will support CoreWeave's generalized growth and global expansion into new territories with a high demand for GPU-accelerated cloud infrastructure. Commenting on this latest round, CoreWeave co-founder and CEO Mike Intrator confirmed that CoreWeave would "continue investing in and working with the largest AI enterprises in the world."
CoreWeave's infrastructure differentiates itself from legacy cloud providers in that its cloud infrastructure is built from the ground up with consideration of the parallel processing power and memory required by AI workloads. This enables CoreWeave to support organizations of every size and industry looking to reap the benefits of AI. Philippe Laffont, Founder & Portfolio Manager of Coatue recognizes CoreWeave's status as an industry leader, stating the shared belief that "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."
Previous to the Series C round, CoreWeave closed a secondary $642 million investment in December last year, which followed an extended Series B amounting to $420 million, led by Magnetar. In the same time frame, the company increased its data center count by eleven and grew its team by 4x.
