CoreWeave expands OpenAI deal with USD6.5b injection
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The news: AI cloud provider CoreWeave has inked a deal to expand its partnership with OpenAI by USD6.5 billion ($9.92 billion), the third major partnership expansion between the two companies this year.
The numbers: The additional funding brings the total value of CoreWeave and OpenAI’s agreements to USD22.4 billion, with OpenAI having struck an initial cloud deal with CoreWeave in March worth up to USD11.9 billion, followed by a USD4 billion top-up in May.
The context: CoreWeave said that the new funding will be used to power the training of its next-generation AI models.
Michael Intrator, co-founder, chairman and CEO of CoreWeave. “This milestone affirms the trust that world-leading innovators have in CoreWeave’s ability to power the most demanding inference and training workloads at an unmatched pace.”
On Wednesday, OpenAI announced major updates to its ‘Stargate’ infrastructure project, stating that it planned to open three new sites with Oracle, via a USD300 billion deal over the coming years. Stargate aims to secure a total of 10 gigawatts of capacity through an investment that could total USD500 billion. Nvidia also announced plans to invest USD 100 billion in OpenAI to build AI data centres earlier this week.
The source: CoreWeave press release
