Nvidia-backed (NVDA) AI startup Vast Data has signed a $1.17 billion commercial agreement with cloud provider CoreWeave (CRWV), extending their existing partnership, reported Reuters on Thursday.
Under the agreement, CoreWeave will use Vast as the primary data platform for its cloud infrastructure, the report said, adding that Vast said that such contracts typically span three to five years but declined to disclose detailed financial terms.
New York-based Vast Data is building an AI Operating System, a global data platform that empowers intelligent agents to store, think, communicate, and act. According to Reuters, the agreement provides a significant revenue stream for Vast Data, which has said it is free cash flow positive and reached $200 million in annual recurring revenue by January 2025.
CoreWeave and Vast did not immediately respond to a request for comment.
The deal comes as companies are racing to fulfil rising demands for infrastructures that is required to develop artificial intelligence technology. Last month, another Nvidia-backed AI startup Poolside partnered with CoreWeave to build a giant data center complex in Texas that will be able to generate its own power.