Nvidia backed firm uses H100 GPUs as collateral to raise $2.3 Billion credit line
By MYBRANDBOOK
CoreWeave, a cloud provider of GPU-accelerated computing backed by Nvidia has secured a $2.3 billion credit line by putting its Nvidia's H100 compute GPUs up as collateral. The company that has a fleet of H100s, will use the funding to buy additional H100 hardware, build new data centers, and recruit to cater to the increasing demand for AI workloads.
CoreWeave has benefited from the surge in generative AI, thanks to its purpose-built large-scale cloud infrastructure and exclusive access to Nvidia's latest compute GPUs and systems on their base, such as the H100 processors and the HGX H100 supercomputing platforms. The latter provides the company a competitive edge over traditional cloud providers such as AWS, Google, and Microsoft.
CoreWeave's competitive edge, enabled by access to Nvidia's latest hardware, is a primary reason why CoreWeave secured such a huge debt facility, led by Magnetar Capital and Blackstone. The debt facility also includes contributions from other lenders such as Coatue, DigitalBridge, BlackRock, PIMCO, and Carlyle. CoreWeave had previously raised $421 million from Magnetar at a valuation of over $2 billion.
This is not the first time an Nvidia-backed startup has reaped huge benefits from its relationship with the green giant. Last month, Inflection AI built a supercomputer based on 22,000 Nvidia H100 compute GPUs that cost hundreds of millions of dollars.
The collateralization of the Nvidia H100-based hardware, one of the most powerful processors for artificial intelligence and high-performance computing workloads, underscores the significance of such hardware in the capital-intensive AI and HPC cloud business.
Last week, CoreWeave announced a $1.6 billion data center in Texas and has plans to extend its reach to 14 locations within the U.S. by the end of the year.
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