Defying the Downturn: CoreWeave’s Ascension in the Sluggish Private Market

The Prime Unicorn Index benchmark, the standard bearer for private markets benchmarking, tracks post-money valuations for U.S-based, VC-backed private companies. Reflecting the broader private market, the Index is down 6.79% year to date.

Last week, we covered recent down rounds among components of the Prime Unicorn Index, showcasing the gloomy outlook in the private markets. However, this week, we will cover companies going against this trend, such as CoreWeave, Inc.

CoreWeave (FKA: Atlantic Crypto Corporation) develops a cloud-based infrastructure platform designed to deliver computing resources for blockchain and various other projects. Their platform features a system that enhances team workflows by implementing a cloud-based production pipeline while also granting access to computational resources that align with the complexity of their models. This allows clients to scale effectively and promptly respond to swiftly changing computational needs. It is also a component of the Prime Unicorn Index, the standard bearer for private markets benchmarking. 

Before its most recent round, CoreWeave had raised two times in Seed and Series A preferred rounds. It raised its Seed round on March 5, 2019, at $1.00 per share, with participation from Nvidia, Magnetar Capital, and individuals. It raised its Series A on May 6, 2021, at $2.33 per share. 

CoreWeave most recently raised $421M in a Series B round on April 14, 2023, led by Magnetar Capital, with participation from Nvidia and individuals. This valued the company at roughly $2.52 billion at a preferred price per share of $111.53, making it a newly minted unicorn in a period defined by down rounds. 

See how CoreWeave is performing against the Prime Unicorn Index below.