CoreWeave, supported by Nvidia, will add a $0.650 million crediting line to its war chest ahead of its ipos.
Cloud service startup CoreWeave, backed by Nvidia (NASDAQ: NVDA), announced on Friday that it has added a $0.650 million crediting line to provide additional financial flexibility.
The crediting facility was from a consortium of investment companies led by JP Morgan Chase, Goldman Sachs, and Morgan Stanley. Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, and Wells Fargo also participated in the funding.
Mike Intrator, CEO and co-founder of CoreWeave, stated, 'This crediting facility will provide additional liquidity to accelerate growth strategies and leverage new opportunities in the rapidly evolving AI space. With incredible resistance from this syndicate, we can continue to expand cutting-edge solutions for our clients. Our investors and financial partners recognize that CoreWeave can provide an excellent computing experience based on the benefits of our software.'
Prior to the crediting facility, CoreWeave raised $7.5 billion in debt financing rounds in May, and secured $12.7 billion in equity and debt financing over the past 12 months. Also, in August 2023, they raised a $2.3 billion debt backed by Nvidia's artificial intelligence chips from many investors.
CoreWeave had previously stated that they plan to go public next year.
Established in 2017, CoreWeave is the first specialized cloud idc service provider in Nvidia's partner network. It leases access to Nvidia's AI chips from one of its 14 datacenters.
The crediting facility was from a consortium of investment companies led by JP Morgan Chase, Goldman Sachs, and Morgan Stanley. Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, and Wells Fargo also participated in the funding.
Mike Intrator, CEO and co-founder of CoreWeave, stated, 'This crediting facility will provide additional liquidity to accelerate growth strategies and leverage new opportunities in the rapidly evolving AI space. With incredible resistance from this syndicate, we can continue to expand cutting-edge solutions for our clients. Our investors and financial partners recognize that CoreWeave can provide an excellent computing experience based on the benefits of our software.'
Prior to the crediting facility, CoreWeave raised $7.5 billion in debt financing rounds in May, and secured $12.7 billion in equity and debt financing over the past 12 months. Also, in August 2023, they raised a $2.3 billion debt backed by Nvidia's artificial intelligence chips from many investors.
CoreWeave had previously stated that they plan to go public next year.
Established in 2017, CoreWeave is the first specialized cloud idc service provider in Nvidia's partner network. It leases access to Nvidia's AI chips from one of its 14 datacenters.
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