(Bloomberg) -- CoreWeave Inc., a cloud-computing provider that’s among the most valuable artificial intelligence startups, has closed a $650 million credit facility led by JPMorgan, Goldman Sachs, and Morgan Stanley that is intended to be used to support growth.
The loan agreement increases the amount raised by debt and equity investors over the last 18 months to $12.7 billion, the Roseland, New Jersey-based CoreWeave said in a statement Friday. Other participating banks in the credit facility include Barclays, Citibank and Jefferies.
Founded in 2017 as a crypto mining firm, the company, led by co-founder and Chief Executive Officer Michael Intrator, has been said to be mulling an initial public offering as soon as next year. CoreWeave was valued at around $23 billion, according to people with knowledge of the matter, Bloomberg News reported earlier this month.
Backed by investors including Nvidia, CoreWeave is among the earliest cloud services providers to adopt the company’s graphics chips in its data centers. CoreWeave expects to open 28 data centers globally by the end of this year, with an additional 10 new data centers planned in 2025, according to the statement.
The firm has been riding an artificial-intelligence boom as technology giants such as Meta, Google and MicroSoft build out their infrastructure to generate the computing power needed to support AI software applications.
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