CoreWeave, a Roseland-based cloud computing provider, recently closed a minority investment of $642 million led by Fidelity Management & Research Co., with additional participation from Investment Management Corp. of Ontario, Jane Street, J.P. Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures and others.
According to a Bloomberg report citing people with knowledge of the matter asking not to be identified discussing confidential information, the transaction values the company at $7 billion.
“Our explosive growth trajectory has been recognized by top-tier institutional investors, and this transaction highlights the differentiation our market-leading performance, significant technology advantage and strong customer adoption is receiving in the market,” Michael Intrator, co-founder and CEO of CoreWeave, said.
CoreWeave has been dubbed one of the hottest startups in the artificial intelligence race.
“The AI industry is at an inflection point, and CoreWeave has played a central role in powering its evolution by delivering differentiated infrastructure to customers,” Intrator said. “CoreWeave is solving critical issues by integrating the most performant and flexible GPU, networking and storage technologies into the most differentiated AI infrastructure available today. We are building at the pace of AI software adoption.”
CoreWeave was advised by Morgan Stanley & Co. LLC on this transaction.