The company, which was founded in 2017 as an Ethereum mining company, has seen significant growth in recent months, with over $400 million in new funding and a $1.6 billion data center in Texas. CoreWeave has also benefited from Nvidia's AI dominance strategy, receiving a generous number of the latest AI server chips from the tech giant. The company expects to generate $500 million in revenue this year and has nearly $2 billion already contracted for next year.
Key takeaways:
- CoreWeave, a specialized cloud provider of large-scale GPU-accelerated workloads, has secured a $2.3 billion debt facility to expand its operations and staff.
- The company has experienced rapid growth, with projected revenue of $500 million this year and nearly $2 billion already contracted for next year.
- CoreWeave has benefitted significantly from Nvidia's strategy to stay dominant in the AI space, receiving a generous number of its latest AI server chips.
- The company was originally founded as an Ethereum mining company in 2017, but pivoted in 2019 to building a specialized cloud infrastructure offering GPU acceleration at scale.