CoreWeave Raises $1.1 Billion in Series C Funding


CoreWeave, a Roseland, NJ-based specialized cloud provider for AI, raised $1.1 billion in new funding.

The round was led by Coatue, with participation from Magnetar who led the last primary round, as well as Altimeter Capital, Fidelity Management & Research Company, and Lykos Global Management.

The company intends to use the funds to grow across all areas of the business, and expand into new geographic regions.

Founded in 2017 and led by Mike Intrator, CEO, CoreWeave is a specialized GPU cloud provider, designed to power the most complex workloads with customized solutions at scale. The company’s portfolio of technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. CoreWeave operates a growing footprint of data centers covering every region of the US.

In December, the company announced it closed a secondary investment of $642m, following a $420m primary led by Magnetar in April 2023. In August, CoreWeave secured a $2.3 billion debt financing facility led by Magnetar and Blackstone. Also in the last year, the company increased its data center presence from 3 to 14, and quadrupled its employee headcount.