CoreWeave Closes $221M Series B Funding Led by Magnetar Capital

According to TechCrunch, CoreWeave, which is transitioning from an Ethereum mining company to a general-purpose cloud computing platform, announced the completion of a $221 million Series B round of financing, led by Magnetar Capital, with participation from NVIDIA, former GitHub CEO Nat Friedman, and former Apple executive Daniel Gross . Magnetar Capital contributed $111 million, with Nvidia, Friedman, and Gross splitting the rest of the investment. An Nvidia spokesperson said the investment represents a deepening of its partnership with CoreWeave. The financing, which values CoreWeave at $2 billion, brings the company's total funding to $371 million and will be used to support CoreWeave's data center expansion in the United States, with two new centers opening this year. CoreWeave currently operates 5 data centers in North America. CoreWeave was founded in 2017 by Intrator, Brian Venturo, and Brannin McBee. Initially, CoreWeave focused on cryptocurrency applications, but it has turned to general computing and artificial intelligence generation technologies in the past few years, such as text generation artificial intelligence models.