Oct 11, 2024 - Technology

AI infrastructure startup CoreWeave secures $650 million debt facility

Dan Primack

Illustration of a net catching a pixelated cloud. — Illustration: Gabriella Turrisi/Axios

CoreWeave, a Roseland, N.J.-based cloud computing platform that rents out GPUs via data centers, secured a $650 million revolving credit facility led by JPMorgan Chase, Goldman Sachs, and Morgan Stanley.

Why it matters: Wall Street wants a piece of the AI revolution, even if that means lending big dollars to relatively young, VC-backed companies.

It follows last week's news that OpenAI had secured a $4 billion revolving credit facility from many of the same banks.
Plus a report that Cisco plans to invest in CoreWeave at a $23 billion valuation, which would be a premium to its $19 billion Series C valuation in May.

Details: Other lenders on the CoreWeave facility include Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG, and Wells Fargo.

No word on terms.

Go deeper, via Bloomberg "Backed by investors including Nvidia, CoreWeave is among the earliest cloud services providers to adopt the company's graphics chips in its data centers."

Add Axios on Google

AI infrastructure startup CoreWeave secures $650 million debt facility

What to read next