CoreWeave, an AI cloud company that was founded to mine the crypto currency Ethereum before pivoting to AI infrastructure, has closed a minority stake sale to a consortium of investors that values it at $7 billion.
CoreWeave is one of a growing number of companies buying up NVIDIA GPUs to offer specialised on-demand AI compute – like fellow AI cloud startup Imbue, CoreWeave is also backed financially by NVIDIA, which is mindful of the risk posed by hyperscalers developing their own chips and investing in AI cloud providers that are likely to consistently remain dependent on its semiconductors. Both CoreWeave and Imbue aim to offer short-term leases of specialised GPU instances at competitive prices.
