Specialized cloud provider CoreWeave has raised $2.3 billion in a debt facility led by Magnetar Capital and Blackstone and collateralized by Nvidia chips, with the funds to be used to expand to meet rising AI workload, the company said on Thursday.
The outsized loan also marks the growing market in private asset-based financing, as private equity firms turn to lower risk lending secured by hard assets and take on more corporate debt when banks slow down. Nvidia-backed CoreWeave has seen a boost from the generative AI boom thanks to its purpose-built cloud infrastructure at scale. It has partnerships with AI startups and cloud providers, which it also competes with, to build clusters to power AI workload.
Source: News Formal (newsformal.com)
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