Coreweave Secures Billions in Funding During May

On May 1st, 2024, Coreweave, a Prime Unicorn Index component and leading AI cloud provider, announced that it had raised $1.1 billion in equity funding during its Series C round. The funds were raised at $779.05 PPPS, which was disclosed in the Certificate of Incorporation filed May 16th, 2024. This marks a massive 598% increase from their Series B price of $111.53. 

Coreweave then announced on May 17th that the company had secured an additional $7.5 billion in debt financing in a deal led by Blackstone, which also included major investors Magnetar and Coatue. This announcement came along with plans to open a new European headquarters and invest $1.25 billion in London. 

Coreweave is a specialized GPU cloud provider that is focused on providing scalable computing resources for high performance applications such as AI, machine learning, and rendering. They take a tailored approach, offering flexible solutions designed to meet the specific needs of firms to optimize performance and cost-efficiency. Since its founding in 2017, the company has expanded rapidly to become a leader in the cloud computing market. The major funding received this month only further solidifies their position going forward and has led to speculation of an IPO on the horizon. 

Coreweave’s Series C round was led by Coatue, with participation from Magnetar, Altimeter Capital, Fidelity, and Lykos Global Management. Their new post-money evaluation is estimated at $19 billion.