TechCrunch May 5, 2024
The appetite for alternative clouds has never been bigger.
Case in point: CoreWeave, the GPU infrastructure provider that began life as a cryptocurrency mining operation, this week raised $1.1 billion in new funding from investors including Coatue, Fidelity and Altimeter Capital. The round brings its valuation to $19 billion post-money, and its total raised to $5 billion in debt and equity — a remarkable figure for a company that’s less than ten years old.
It’s not just CoreWeave.
Lambda Labs, which also offers an array of cloud-hosted GPU instances, in early April secured a “special purpose financing vehicle” of up to $500 million, months after closing a $320 million Series C round. The nonprofit Voltage Park,...
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