Nvidia-backed CoreWeave adds $650M credit line to war chest ahead of IPO

Cloud service startup CoreWeave, which is backed by Nvidia (NASDAQ:NVDA), said on Friday that it has added a $650M credit line to give it additional financial flexibility.

The credit facility was from a consortium of investment firms, led by JPMorgan Chase, Goldman Sachs and Morgan Stanley. Barclays, Citi, Deutsche Bank, Jefferies, Mizuho, MUFG and Wells Fargo also participated in the financing.

“This credit facility provides additional liquidity to accelerate our growth strategy and capitalize on new opportunities in the rapidly evolving AI space,” said Mike Intrator, CEO and co-founder of CoreWeave in a statement. “The incredible support from this syndicate enables us to continue scaling cutting-edge solutions for our clients. Our investors and financial partners recognize that CoreWeave can deliver a superior compute experience grounded in our software advantage.”

Prior to the credit facility, CoreWeave had raised $12.7B in equity and debt financing over the past 12 months, including a $7.5B debt financing round in May. It also raised $2.3B in debt — backed by Nvidia’s artificial intelligence chips — in August 2023 from a number of investors.

CoreWeave has said previously that it intends to go public next year.

Founded in 2017, CoreWeave was the first specialized cloud services provider in the Nvidia Partner Network. It leases out access to AI chips from Nvidia from one of its 14 data centers.