The deal to sell 10% equity stake is in its early stage
According to reports by Bloomberg News, Nvidia-backed CoreWeave is exploring a minority stake sale that could value the cloud provider at over $8 billion.
The Roseland, New Jersey-based company is working with an advisor to sell a 10 per cent equity stake, with a valuation ranging between $5 billion and $8 billion. While the deal is in its early stages and not confirmed yet, CoreWeave's strategic move aims to unlock capital for growth.
The report also mentions that the company is expected to achieve about $1.5 billion in revenue in 2024. CoreWeave has a competitive edge in the cloud computing market due to its unique access to advanced Nvidia chips, which are currently in high demand.
This advantage also positions the company ahead of Microsoft (MSFT.O), Amazon.com (AMZN.O) and Google (GOOGL.O), who are developing their own chips and facing supply constraints.
CoreWeave was founded in 2017 by Brannin McBee, Brian Venturo and is located in Roseland, New Jersey. The company builds cloud solutions for compute intensive use cases - AI, VFX, Computational Chemistry and Pixel Streaming.
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