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URL: https://www.bloomberg.com/news/articles/2024-05-01/cloud-computing-startup-coreweave-nears-8-6-billion-in-funding
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CLOUD COMPUTING STARTUP COREWEAVE NEARS $8.6 BILLION IN FUNDING

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By Gillian Tan and Edward Ludlow
May 1, 2024 at 4:50 PM GMT+2
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CoreWeave Inc., a cloud computing provider that’s among the hottest startups in
the artificial intelligence race, is finalizing a roughly $1.1 billion preferred
equity investment to help fund growth, according to people with knowledge of the
matter.

The preferred equity transaction, which involves existing investors Coatue
Management and Magnetar Capital, is set to convert at a post-money valuation of
about $19.1 billion, said one of the people. All of the people asked not to be
named discussing confidential information. That’s more than double CoreWeave’s
$7 billion valuation last year and above the $16 billion that was being
discussed in March.

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