Nvidia invests $2 billion in CoreWeave to boost data centre build-out
The Hindu
Nvidia has invested $2 billion in CoreWeave, becoming the AI infrastructure provider’s second-largest shareholder
Nvidia has invested $2 billion in CoreWeave, becoming the AI infrastructure provider’s second-largest shareholder, as the companies expand their partnership to boost data centre capacity in the United States.
The announcement on Monday sent CoreWeave’s shares up 9% in premarket trading.
So-called neocloud companies like CoreWeave, which provide tech companies with the hardware and cloud capacity needed to build, run and deploy AI technologies, have seen a surge in demand in recent years as enterprise adoption of AI picks up.
The fresh investment from Nvidia will help CoreWeave speed up the procurement of land and power required to build data centres. CoreWeave is targeting to build more than 5 gigawatts in AI data centre capacity by 2030.
Nvidia will invest in CoreWeave at a purchase price of $87.20 per share, the companies said. That represents an addition of roughly 23 million shares, nearly doubling Nvidia’s stake in the firm, according to Reuters calculations based on data compiled by LSEG.
Nvidia was CoreWeave’s third largest shareholder with a 6.3% stake, or 24.3 million shares, in the company.
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