CoreWeave (“the Company”), a specialized cloud provider built for large-scale GPU-accelerated workloads, today announced it has secured $221 million in Series B funding. The round was led by Magnetar Capital (“Magnetar”), a leading alternative asset manager, with contributions from NVIDIA, and rounded out by Nat Friedman and Daniel Gross.
The latest funding will be used to further expand CoreWeave’s specialized cloud infrastructure for compute-intensive workloads — including artificial intelligence and machine learning, visual effects and rendering, batch processing and pixel streaming — to meet the explosive demand for generative AI technology. This strategic focus has allowed CoreWeave to offer purpose-built, customized solutions that can outperform larger, more generalized cloud providers. The new capital will also support U.S.-based data center expansion with the opening of two new centers this year, bringing CoreWeave’s total North American-based data centers to five.
“CoreWeave is uniquely positioned to power the seemingly overnight boom in AI technology with our ability to innovate and iterate more quickly than the hyperscalers,” said CoreWeave CEO and co-founder Michael Intrator. “Magnetar’s strong, continued partnership and financial support as lead investor in this Series B round ensures we can maintain that momentum without skipping a beat. Additionally, we’re thrilled to expand our collaboration with the team at NVIDIA. NVIDIA consistently pushes the boundaries of what’s possible in the field of technology, and their vision and guidance will be invaluable as we continue to scale our organization.”