CoreWeave Explores Share Sale at $23 Billion Valuation Amid AI Boom

CoreWeave in talks for share sale at $23 billion valuation, Bloomberg News reports

(Reuters) - Specialized cloud services provider CoreWeave is in talks to arrange a sale of existing shares, valuing it at $23 billion, Bloomberg News reported on Friday, citing people with knowledge of the matter. CoreWeave has seen a boost from businesses rapidly adopting generative AI technology. It has partnerships with AI startups and competing cloud providers to build clusters to power AI workloads. Nvidia-backed CoreWeave is in talks about a transaction that would allow existing shareholders such as employees to tender between $400 million and $500 million worth of their holdings, Bloomberg said. Terms haven't been finalized and could still change, the report said, adding that the move comes as the company looks at an initial public offering that could come as soon as next year. CoreWeave did not immediately respond to a Reuters request for comment. The company in May had said it is raising $7.5 billion in debt from financiers led by Blackstone and Magnetar Capital to scale up its infrastructure to meet rising artificial intelligence workloads. In the same month, CoreWeave was valued at $19 billion after a Series C funding round. (Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva and Shailesh Kuber)

CoreWeave in talks for share sale at $23 billion valuation, Bloomberg News reports

Nvidia-backed CoreWeave is in talks about a transaction that would allow existing shareholders such as employees to tender between $400 million and $500 million worth of their holdings, Bloomberg said. Terms haven't been finalized and could still change, the report said, adding that the move comes as the company looks at an initial public offering that could come as soon as next year. CoreWeave did not immediately respond to a Reuters request for comment. The company in May had said it is raising $7.5 billion in debt from financiers led by Blackstone and Magnetar Capital to scale up its infrastructure to meet rising artificial intelligence workloads. In the same month, CoreWeave was valued at $19 billion after a Series C funding round. (Reporting by Juby Babu in Mexico City; Editing by Anil D'Silva and Shailesh Kuber)

CoreWeave reportedly planning secondary sale at $23B valuation - SiliconANGLE

CoreWeave reportedly planning secondary sale at $23B valuation CoreWeave Inc. is negotiating a secondary sale will that enable investors to offload $400 million to $500 million worth of shares, Bloomberg reported today. The paper's sources said that the deal is set to value CoreWeave, which operates a cloud platform optimized for artificial intelligence workloads, at $23 billion. That's up from $19.1 billion in May and $7 billion last December. The steep valuation boost reportedly expected by the company hints that it's experiencing significant revenue growth. CoreWeave's cloud platform enables developers to train AI models and run inference workloads. Its customers include generative AI startups, large enterprises and at least one competing cloud provider. In January, CNBC reported that Microsoft Corp. had commissioned up to billions of dollars worth of infrastructure from CoreWeave to power OpenAI's models. CoreWeave will be one of the first cloud providers to offer Nvidia Corp.'s latest Blackwell B200 graphics processing unit. The chip, which debuted in March, is significantly faster than its predecessor and includes a module that can forecast hardware issues. The latter feature is designed to ease the maintenance of large-scale AI clusters like those that cloud providers such as CoreWeave operate. The company plans to deploy B200 chips as part of Nvidia's GB200 NVL72 appliances. Those are liquid-cooled, rack-size systems that feature 72 B200 chips and 36 central processing units with 1.4 exaflops of combined performance. The NVL72 also includes Nvidia's BlueField-3 processor, which offloads some computing tasks from the other chips in the system to leave more compute capacity for AI workloads. CoreWeave's product portfolio is not limited to AI hardware. It also offers Nvidia Corp. graphics cards that are optimized to run rendering applications rather than machine learning workloads. CoreWeave users can connect their AI instances to the public web using the company's networking service, which offers up to 100 gigabits per second of internet-facing bandwidth per node. That bandwidth can be used for tasks such as processing requests from users of a chatbot service. On the storage side, CoreWeave creates three copies of customers' records to reduce the likelihood of data loss. According to today's report, the company intends to follow up the secondary sale it's currently planning with an initial public offering. CoreWeave is expected to list its shares as early as next year.

Nvidia-backed AI startup CoreWeave mulls share sale at $23B valuation: report

Nvidia-backed (NASDAQ:NVDA) artificial intelligence startup CoreWeave has nearly tripled its valuation in less than a year, and is now considering a share sale as it nears a potential initial public offering next year, according to a report by Bloomberg on Friday. CoreWeave is a New Jersey-based cloud provider that gives users access to an array of GPUs, including Nvidia's H200 Tensor Core models, for training large language models, inference and high-performance computing applications. The startup is considering the idea of allowing current shareholders, such as employees, to sell up to $500M worth of shares at a $23B valuation, according to people close to the matter, Bloomberg reported. CoreWeave was valued at $19.1B in May following its latest funding round. It was valued at $7B last December. Some of its primary investors include Nvidia, Blackstone, Coatue, Magnetar, Altimeter Capital, Fidelity and Lykos Global Management. CoreWeave plans to have 28 data centers built by the end of the year. It is also building data centers in Europe. It has two in the U.K., and plans to open others in Norway, Sweden and Spain by the end of 2025.

Cloud-Computing Firm CoreWeave In Talks for Share Sale at $23 Billion Valuation

CoreWeave, a cloud computing provider that's among the hottest startups in the artificial intelligence race, is in talks to arrange a sale of existing shares valuing it at $23 billion, according to people with knowledge of the matter. The Roseland, New Jersey-based company, led by CEO Michael Intrator, is discussing a transaction that would allow existing shareholders such as employees to tender between $400 million and $500 million worth of their holdings, said the people, who asked not to be identified discussing confidential information. Terms haven't been finalized and could still change, one of the people said.