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Direct Investment  + M&As  |  December 8, 2023
CoreWeave Closes $642M Minority Investment
By: Joe Palmisano

CoreWeave Closes $642M Minority Investment

CoreWeave, a cloud computing provider located in Roseland, NJ, has closed a $642 million minority investment.

This sale brought the company’s valuation to $7 billion, Bloomberg reported.

The deal was led by Fidelity Management & Research Company, with additional participation from Investment Management Corporation of Ontario, Jane Street, J. P. Morgan Asset Management, Nat Friedman & Daniel Gross, Goanna Capital, Zoom Ventures and others.

Led by CEO Michael Intrator, CoreWeave’s portfolio of technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more.

“The AI industry is at an inflection point, and CoreWeave has played a central role in powering its evolution by delivering differentiated infrastructure to customers,” said Michael Intrator, co-founder and CEO of CoreWeave.

CoreWeave has provided infrastructure to some of the most prominent AI businesses, including Inflection AI and Mistral, doubled its data center presence from three to 14, and quadrupled its personnel headcount in the last year.

The company received a $2.3 billion debt financing facility in August from Magnetar Capital and Blackstone, with strategic participation from Coatue, DigitalBridge Credit, and funds and accounts managed by BlackRock, PIMCO, and Carlyle.

CoreWeave disclosed a $221 million Series B fundraising round in April led by Magnetar Capital, with contributions from NVIDIA, Friedman, and Gross. One month later, Magnetar Capital led a $200 million Series B extension.

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About Joe Palmisano

Joe Palmisano is Editorial Director for Connect Money, where he brings nearly three decades experience of market insights as a financial journalist, analyst and senior portfolio manager for leading financial publications, advisory firms, and hedge funds. In his role as Editorial Director, Joe is responsible for the selection of content and creation of daily business news covering the financial markets, including Alternative Assets, Direct Investment and Financial Advisory services. Before joining Connect Money, Joe was a financial journalist for the Wall Street Journal, regularly publishing feature stories and trend pieces on the foreign exchange, global fixed income and equity markets. Joe parlayed his experience as a financial journalist into roles as a Senior Research Analyst and Portfolio Manager, writing daily and weekly market analysis and managing a FX and US equity portfolio. Joe was also a contributing writer for industry magazines and publications, including SFO Magazine and the CMT Association. Joe earned a B.S.B.A. in Finance from The American University. He holds the Chartered Market Technician (CMT) designation and is a member of the CFA Institute.
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