Specialized Cloud Provider CoreWeave Rides AI Wave To Another $200M Round

CoreWeave, an AI cloud infrastructure company, has raised another $200 million in a Series B extension funding round that values it at $2 billion. The new funding is from existing investor Magnetar Capital and comes just weeks after CoreWeave raised $221 million.

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The back-to-back investments in CoreWeave highlight venture investors’ immense appetite for artificial intelligence startups and the companies that provide the infrastructure to power them.

In the six months since OpenAI unveiled its AI chatbot ChatGPT, investors have poured tens of billions of dollars into AI startups, which many tech leaders see as a paradigm shift in the technology world akin to the advent of the Internet three decades ago.

This year alone, seven funding rounds of $100 million or more have gone to U.S.-based startups related to AI, according to The Crunchbase Megadeals Board.

Coreweave offers cloud computing services based on graphics processing units, or GPUs, the server chips that underlie many AI services like ChatGPT. Underscoring the intense business interest in the technology, GPU leader Nvidia — also a CoreWeave investor — this week became the first chipmaker valued at $1 trillion.

Coreweave, which competes with cloud providers Amazon Web Services, Microsoft and Google, has now raised $576.5 million in total funding, per Crunchbase.