this post was submitted on 05 Aug 2023
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Technology

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CoreWeave raises $2.3 billion in debt collateralized by Nvidia chips (www.reuters.com)
submitted 1 year ago by ijeff@lemdro.id to c/technology@beehaw.org
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cross-posted from !aistuff@lemdro.id

  • CoreWeave, a company that provides cloud services, has secured a $2.3 billion loan using Nvidia chips as security.
  • This large loan reflects a growing trend of securing loans with physical assets, especially when banks aren't lending as much.
  • CoreWeave has grown quickly thanks to a boom in AI. It has special access to advanced Nvidia chips, which gives it an advantage over big cloud providers like Microsoft, Amazon, and Google.
  • CoreWeave will use the loan to buy more chips, build data centers, and hire more staff. It's aiming to have 14 data centers in the U.S. by the end of the year.
  • Earlier this year, CoreWeave also raised $421 million in equity, pushing its value to over $2 billion.
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