Core Scientific announced on Monday that it has reached a 12-year agreement with cloud computing provider CoreWeave to provide infrastructure for use cases such as machine learning.
Core Scientific said the agreement is an extension of the two companies' existing partnership and will bring in more than $3.5 billion in revenue over the contract period. CoreWeave is backed by Nvidia and rents out graphics processing units (GPUs) used to train and run artificial intelligence models.
CoreWeave was valued at $19 billion in a round of financing last month. Core Scientific will provide about 200 megawatts of infrastructure to CoreWeave's operations. (CNBC)
Previously in May, CoreWeave, an artificial intelligence startup backed by Nvidia, announced the completion of a new round of financing, with investors such as Blackstone, Carlyle Group and BlackRock participating. This financing is one of the largest private debt financings in history. Two weeks ago, CoreWeave just completed a round of $1.1 billion in equity financing with a valuation of $19 billion. As of the end of last year, the company had 14 data centers and planned to double their number by the end of this year.
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