Cloud computing provider CoreWeave, a prominent player in the artificial intelligence (AI) sector, has successfully closed a minority stake sale, led by Fidelity Management & Research Co. Other investors in the deal include Investment Management Corp. of Ontario, Jane Street, JPMorgan Asset Management, Nat Friedman, Daniel Gross, Goanna Capital, and Zoom Ventures. The transaction values CoreWeave at $7 billion, according to insiders familiar with the matter who wished to remain anonymous due to the confidentiality of the information.
Michael Intrator, co-founder and CEO of CoreWeave, emphasized the company’s exceptional growth and market recognition by top-tier institutional investors. He highlighted CoreWeave’s market-leading performance, significant technological advantage, and strong customer adoption. Intrator positioned CoreWeave at the forefront of the AI industry, providing differentiated AI infrastructure to its customers.
Earlier this year, CoreWeave secured a $2.3 billion debt financing facility, led by Magnetar Capital and Blackstone, with participation from Coatue, DigitalBridge Credit, and affiliates of BlackRock, PIMCO, and Carlyle. The company, based in Roseland, New Jersey, has Nvidia Corp. as an investor and was an early adopter of Nvidia’s graphics chips for data centers. CoreWeave is actively expanding its data centers based on Nvidia’s chips to meet the increasing demand for powerful processors to run AI applications.
Morgan Stanley played a key advisory role for CoreWeave in the minority stake sale. The AI industry, according to Intrator, is at an inflection point, and CoreWeave is positioned to play a central role by providing highly differentiated AI infrastructure to its customers.
