Nvidia-backed GPU cloud provider CoreWeave surges to $19 billion valuation

CoreWeave, a cloud infrastructure company specializing in GPU rentals, has seen its valuation skyrocket to $19 billion, up from $7 billion, following a $1.1 billion funding round. The surge in valuation reflects the high demand for GPUs, essential for AI model training and operations, amidst a market struggling with supply shortages.

The New Jersey-based startup, backed by Nvidia and other investors like Coatue and Fidelity, plans to expand its data center infrastructure globally. Currently, CoreWeave operates in three U.S. regions but aims to increase this to 28 by year-end, competing with tech giants like Amazon and Google.