Magnetar, Blackstone Lead $2.3B Debt Facility for Cloud Provider CoreWeave 

Magnetar Capital and funds managed by Blackstone Tactical Opportunities led a $2.3 billion debt financing facility for specialized cloud provider CoreWeave. 

Additional strategic participation came from Coatue, DigitalBridge Credit and from funds and accounts managed by BlackRock, PIMCO, and Carlyle.  

The deal follows a $221 million Series B and a $200 million Series B extension funding rounds earlier this year led by Magnetar. 

The Roseland, N.J.-based startup, which is poised to profit heavily from the generative AI boom with its GPU cloud, said the new financing will be used to serve its customers, open new data centers and add staff. 

“AI has the potential to transform the way we engage with technology, power the industries of the future, and make society’s vital services more efficient – as long as the infrastructure is in place to deliver performance at scale,” said Michael Intrator, CoreWeave CEO and co-founder. 

Earlier this month, CoreWeave announced a new $1.6 billion data center in Plano, TX. The company anticipates a fleet of 14 data centers to be in place by the end of 2023.  

Last month, CoreWeave unveiled the world’s fastest AI supercomputer built in partnership with NVIDIA, measured by an industry standard benchmark test called the MLPerf.