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 CoreWeave Secures $1.1 Billion in Series C Funding


CoreWeave Secures $1.1 Billion in Series C Funding

CoreWeave, the New Jersey-based leading specialised cloud provider for artificial intelligence (AI), has secured $1.1 billion in Series C funding, 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 new funding will be used to support the rapid growth across all areas of the business, and CoreWeave’s expansion into new geographic regions to meet the explosive demand for GPU accelerated cloud infrastructure worldwide.

CoreWeave’s Co-founder and CEO Mike Intrator said that the company continued to push forward as a provider of critical infrastructure in the development of AI, and the high calibre of investors who placed their trust in it validated the enormous opportunity CoreWeave have to define the next generation of cloud computing.

“CoreWeave is designed specifically to tackle the most complex and pressing challenges in high performance compute. With this new round, we will continue investing in and working with the largest AI enterprises in the world,” he said.


Companies increasingly recognise the potential for AI to enhance efficiencies, productivity, expand revenue and reduce costs, as well as strategic benefits like growth and innovation.

Organisations of every size and industry are racing to deploy larger-scale AI solutions and capabilities – driving explosive demand for powerful and scalable infrastructure. However, generalised infrastructure from legacy cloud providers is not designed to handle the massive parallel processing power and memory that AI workloads require.

CoreWeave designed its cloud infrastructure with engineers and innovators in mind. Trusted by leading AI labs and enterprises, CoreWeave Cloud manages complexity through automation to deliver the most performant and efficient cloud infrastructure for AI workloads.

Philippe Laffont, Founder & Portfolio Manager of Coatue said that CoreWeave has emerged as a key leader in building the mission-critical infrastructure foundation required to satisfy society’s current and future demand for high performance compute at scale to power the generative AI revolution.

“Since partnering in 2023, we have been impressed by the team’s commitment to operational and technical excellence, and we look forward to continuing our partnership as they drive the next phase of growth for the company and industry,” Laffont said.

CoreWeave announced in December last it has closed a secondary investment of $642 million following a $420 million 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, CoreWeave increased its data center presence from three to 14, and quadrupled its employee headcount.

CoreWeave is a specialised GPU cloud provider, designed to power the most complex workloads with customised solutions at scale. The company’s portfolio of cutting-edge technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more.

Its world-class teams, talent, and engineering prowess bring unmatched speed-to-market for advanced compute and operates a growing footprint of data centres covering every region of the US.

Global Business Magazine

Global Business Magazine

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