CoreWeave in talks for share sale at $23 billion valuation, Bloomberg News reports
2024.09.13 11:26
(Reuters) – Specialized cloud services provider CoreWeave is in talks to arrange a sale of existing shares, valuing it at $23 billion, Bloomberg News reported on Friday, citing people with knowledge of the matter.
CoreWeave has seen a boost from businesses rapidly adopting generative AI technology. It has partnerships with AI startups and competing cloud providers to build clusters to power AI workloads.
Nvidia-backed CoreWeave is in talks about a transaction that would allow existing shareholders such as employees to tender between $400 million and $500 million worth of their holdings, Bloomberg said.
Terms haven’t been finalized and could still change, the report said, adding that the move comes as the company looks at an initial public offering that could come as soon as next year.
CoreWeave did not immediately respond to a Reuters request for comment.
The company in May had said it is raising $7.5 billion in debt from financiers led by Blackstone (NYSE:) and Magnetar Capital to scale up its infrastructure to meet rising artificial intelligence workloads.
In the same month, CoreWeave was valued at $19 billion after a Series C funding round.
