Shares of Coreweave ( CRWV ) rose 9% in premarket trading on Monday after AI powerhouse Nvidia ( NVDA ) invested another $2 billion in an effort to accelerate the company’s buildout of next-generation data centers built specifically for AI workloads.
The financing, which came through the purchase of CoreWeaves Class A stock at $87.20 per
CRWV closed at $92.98 on Friday. With the early gain, the stock is trading just above $101. NVDA shares are down 0.5% premarket.
Nvidia’s support provides more than capital. The agreement also extends a years-long collaboration that aligns both companies with hardware, software and data center strategy.
The companies will also test CoreWeave’s software stack, including its Mission Control resource planning platform, with a view to integrating it into Nvidia’s wider ecosystem.
“CoreWeave’s deep AI factory expertise, platform software and unmatched execution speed are recognized across the industry,” Jensen Huang, founder and CEO of Nvidia, said in a statement.
Nvidia last September entered into a $6.3 billion deal with CoreWeave to buy unsold computing capacity through 2032.
CoreWeave started as a bitcoin mining company in 2017 under the name Atlantic Crypto, but quickly switched to cloud computing and AI after the 2018 crypto crash.
