Wikipedia

CoreWeave

CoreWeave, Inc. is an American cloud-computing startup based in Roseland, New Jersey, that specializes in providing cloud-based graphics processing unit (GPU) infrastructure to artificial intelligence developers.[1][2][3][4]

The company was founded in 2017 by three commodities traders—Michael Intrator, Brian Venturo, and Brannin McBee—originally as a cryptocurrency company mining ethereum using GPUs, when it was known as Atlantic Crypto. In the wake of the 2018 cryptocurrency crash, the company was renamed CoreWeave in 2019, pivoting to providing its computing resources to companies that needed them by leveraging its large inventory of GPUs.[1][2][5]

CoreWeave has a startup accelerator program to help startup companies with the access to the large scale GPU-accelerated workloads. As of 2024, the company has thirteen data centers across the United States and two in the United Kingdom.[6][7] CoreWeave's infrastructure is built on a Kubernetes-native architecture, designed to support large-scale, GPU-intensive tasks.[6]

CoreWeave, which has privileged access to Nvidia GPUs, which are in short supply,[8] secured a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone by using Nvidia's H100 GPUs as collateral in August 2023.[9] The company raised $1.1bn in funding led by Coatue Management in May 2024, valuing the company at $19bn.[3][10] According to a Bloomberg News report in October 2024, Cisco is set to invest in CoreWeave valuing the company at $23 billion.[11] In the same month, CoreWeave announced that it secured a $650 million credit line for expanding its operations and datacenters.[12] Goldman Sachs, JPMorgan Chase and Morgan Stanley were among those who led the financing.[12][13] The company has announced plans to invest £750 million ($978.6 million) in the U.K.[14]

In June 2024, CoreWeave offered to buy Core Scientific, a Bitcoin-miner that had come out of bankruptcy protection, in an all-cash deal for $1 billion; however, the offer was rejected.[15][16]

As of 2024, Intrator is the company's chief executive, while the other co-founders, Venturo and McBee, are the chief technology officer and chief strategy officer, respectively;[1] the company has around 550 employees.[2]

References

edit
  1. ^ a b c Cohen, Ben (August 25, 2023). "A Startup in the New Jersey Suburbs Is Battling the Giants of Silicon Valley". Wall Street Journal. Retrieved August 15, 2024.
  2. ^ a b c Dave, Paresh (May 3, 2024). "How a Scrappy Cryptominer Transformed Into the Multibillion-Dollar Backbone of the AI Boom". Wired. Retrieved September 12, 2024.
  3. ^ a b Fitch, Asa (May 1, 2024). "AI Startup CoreWeave Nearly Triples Valuation to $19 Billion in Five Months". Wall Street Journal. Retrieved August 15, 2024.
  4. ^ Fitch, Asa; Cooper, Laura (May 17, 2024). "CoreWeave Raises $7.5 Billion in Debt for AI Computing Push". Wall Street Journal. Retrieved August 15, 2024.
  5. ^ Shrivatsava, Rashi (August 6, 2024). "How The AI Boom Minted A New Breed Of Billion-Dollar Cloud Companies". Forbes. Retrieved October 14, 2024.
  6. ^ a b Butts, Jeff (June 28, 2024). "Nvidia-backed AI cloud provider increases use of cryptocurrency mining facilities — CoreWeave expands contract as miners pivot to AI". Tom's Hardware. Retrieved October 14, 2024.
  7. ^ Sawers, Paul (May 10, 2024). "CoreWeave, a $19B AI compute provider, opens European HQ in London with plans for 2 UK data centers". TechCrunch. Retrieved October 14, 2024.
  8. ^ Hu, Krystal (August 3, 2023). "CoreWeave raises $2.3 billion in debt collateralized by Nvidia chips". Reuters. Retrieved October 14, 2024.
  9. ^ Lopatto, Elizabeth (August 23, 2023). "For this startup, Nvidia GPUs are currency". The Verge. Retrieved October 14, 2024.
  10. ^ Novet, Jordan (May 1, 2024). "Nvidia-backed GPU cloud provider CoreWeave surges to $19 billion valuation". CNBC. Retrieved October 4, 2024.
  11. ^ "Cisco Nears Investment in CoreWeave at $23 Billion Valuation". Bloomberg.com. October 3, 2024. Retrieved October 8, 2024.
  12. ^ a b Field, Hayden (October 11, 2024). "Nvidia-backed CoreWeave gets $650 million credit line from top Wall Street banks". CNBC. Retrieved October 14, 2024.
  13. ^ "CoreWeave Closes $650 Million Credit Facility for AI Cloud-Computing Push". Bloomberg.com. October 11, 2024. Retrieved October 14, 2024.
  14. ^ Browne, Ryan (October 14, 2024). "ServiceNow, Coreweave and others to invest $8.2 billion in UK data centers to fuel AI growth". CNBC. Retrieved October 15, 2024.
  15. ^ Tan, Gillian (June 4, 2024). "CoreWeave Offers About $1 Billion for Core Scientific". Bloomberg News. Retrieved October 14, 2024.
  16. ^ Salzman, Avi (July 25, 2024). "Crypto Miners Are AI's New Power Source. The Stakes Are Huge". Barron's. Retrieved October 14, 2024.
edit
 

This United States corporation or company article is a stub. You can help Wikipedia by expanding it.

Retrieved from "https://en.wikipedia.org/w/index.php?title=CoreWeave&oldid=1251391952"