Artificial intelligence (AI) cloud provider CoreWeave has closed a $650 million financing deal.
The credit facility, led by the likes of Goldman Sachs, JPMorgan, and Morgan Stanley, will be used to support growth, as reported by Bloomberg.
According to CoreWeave, this brings its total raised via debt and equity investors over the last 18 months to $12.7 billion.
Other banks investing in the latest credit facility include Barclays, Citibank, and Jefferies.
The company said that it plans to open 28 data centers globally by the end of 2024, and has 10 more planned in 2025.
Earlier this month, Cisco Systems was reportedly investing in CoreWeave and valued the AI cloud provider at $23 billion, up from $19.1bn in May 2024 and $7bn in December 2023.
CoreWeave was founded in 2017 as a cryptomining firm and is one of the many crypto companies to have pivoted into AI.
Previous investors in CoreWeave have included Nvidia, Magnetar Capital, Coatue Management, Jane Street, and Fidelity. Earlier this year, CoreWeave raised $7.5 billion in debt from financiers led by Blackstone.
Last month, CoreWeave began discussing a 'secondary transaction' that would allow existing shareholders to tender $400 million to $500 million of their holdings. The company is also considering an initial public offering as soon as next year.
In August 2024, it was revealed that Blue Owl, Chirisa, and PowerHouse had created a $5 billion data center joint venture that would largely be dedicated to building out data centers for CoreWeave. That same month, the company hired executives from the likes of Google, Oracle, and AWS to help expand its data center ambitions.
