US-based AI cloud computing provider CoreWeave has completed a $650m secondary share sale.  

According to a source cited by Reuters, the deal has boosted the company’s valuation to more than $23bn, up from $7bn about a year ago. 

This transaction involved existing stakeholders selling shares to outside investors.  

The share sale was led by Jane Street, Magnetar, Fidelity Management & Research Company and entities managed by Macquarie Capital. 

Additional investors included Cisco Investments, Pure Storage, and funds managed by BlackRock, Coatue and Neuberger Berman, among others.  

CoreWeave, known for providing access to data centres and high-powered chips for AI workloads, has NVIDIA as a key backer.  

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In May, CoreWeave was valued at $19bn following a $1.1bn Series C investment led by Coatue.  

The demand for services such as those provided by CoreWeave has surged since the launch of OpenAI’s ChatGPT in late 2022, enabling sophisticated generative AI applications at scale.  

CoreWeave competes with Microsoft‘s Azure and Amazon‘s AWS in the cloud computing sector. 

CoreWeave CEO and co-founder Mike Intrator said: “The support from some of the leading financial institutions and technology innovators demonstrates the strength of and confidence in our AI Cloud platform from the market.  

“The recognition from both institutional and strategic investors underscores our position as a leading AI hyperscaler to build, train and serve some of the most significant AI workloads running today.” 

Recently, CoreWeave announced a $650m credit facility led by JPMorgan Chase, Goldman Sachs and Morgan Stanley, with participation from Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG and Wells Fargo.  

Additionally, CoreWeave is reportedly planning an initial public offering (IPO) in 2025. 

According to Bloomberg, CoreWeave has chosen Morgan Stanley, Goldman Sachs Group and JPMorgan Chase to lead its planned IPO.