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, an early adopter of Nvidia’s graphics chips for data centers, is expanding its data centers based on Nvidia’s chips to offer AI-related computing. Morgan Stanley advised CoreWeave on its minority stake sale.
Key takeaways:
- CoreWeave, an AI startup, has closed a minority stake sale to investors led by Fidelity Management & Research Co., valuing the company at $7 billion.
- 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 company has experienced significant growth and is recognized for its market-leading performance, technology advantage, and strong customer adoption, according to CEO Michael Intrator.
- CoreWeave is an early adopter of Nvidia’s graphics chips for data centers and is building out data centers based on Nvidia’s chips to offer AI-related computing.