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With tremendous pride, I am excited to announce that CoreWeave just closed another round of financing.
Led by Blackstone and Magnetar with participation from Coatue, DigitalBridge, BlackRock, PIMCO, Carlyle and Great Elm, we secured a $2.3 billion debt facility, which we will commit entirely towards purchasing and paying for hardware for contracts already executed with clients and continuing to hire the best talent in the industry.
This debt facility provides us the financial headroom and flexibility we need and underscores our company’s competitive positioning, unparalleled capabilities, and readiness to scale, as we acquire cutting edge technology for AI and model training purposes.
The recent months have been an incredible journey for our company, and we are about to shift into the highest gear as we deliver infrastructure to the companies that will define the future of AI.
In 2017, we bought and plugged in our first GPU – and what began as a normal day overlooking the East River led us to an unbelievable journey that none of us could have expected.
We grew quickly and took our expertise in running tens of thousands of GPUs to build and bring the world’s first specialized cloud to market. All along the way, we took disciplined risks, pushed against every limitation fearlessly, worked like our lives depended on it, and stayed responsive to our customers.
No one was expecting this level of demand for GPU compute, but our strategic investments to increase capacity continue to pay off – and we’re delivering where others cannot.
CoreWeave is Powering the AI Revolution
It’s undeniable that AI has the potential to solve massive global problems – from enhanced productivity and increased access to education, to accelerated development of cancer treatments and beyond. This explosive growth of AI and machine learning has triggered an equally explosive demand for the infrastructure needed to support it. What we’re seeing now is a redesign of the data center and the high-powered infrastructure required to power the AI revolution.
We’re mobilizing quickly to expand capacity – we recently announced a new $1.6 billion data center in Texas, our first facility in the state. Our products are powering some of the world's most sophisticated and computationally intensive workloads that benefit from infrastructure purpose-built to support it, and we have some of the highest caliber customers on board.
Just last month, CoreWeave delivered record-breaking performance results on the MLPerf™ benchmark, the reputable third-party benchmarking consortium. Working in partnership with NVIDIA, we unveiled the world’s fastest supercomputer that trained an entire GPT-3 LLM workload in under 11 minutes. The infrastructure that powered the MLPerf submission is used by Inflection AI to create one of the world’s most sophisticated large language models (LLM) on CoreWeave Cloud.
Simply put, CoreWeave allows our customers to train the most complex models in the shortest amount of time. And we deliver this performant infrastructure at scale, faster and more consistently than anyone else.
Most importantly, we couldn’t do any of this without the world-class team that we’ve built and nurtured. The talent and engineering prowess our team brings to the table is simply unmatched, as we're moving quickly to respond to the immense market demand for advanced compute at scale.
Our determination and fearless approach to solving problems means that we are willing and able to take on cutting-edge technology, understand it, and implement that tech faster and better than anyone in the industry. If you’re interested in shaping the generative AI revolution and helping us build the world’s next great computing company, take a look at our jobs page.
We couldn’t be more excited about what the future holds. I send my gratitude to all our investors, partners, and especially our colleagues. We wouldn't be able to share today's news without all your hard work, passion and dedication.
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