CoreWeave Inc., a cloud computing provider that’s among the hottest startups in the artificial intelligence race, is finalizing a roughly $1.1 billion preferred equity investment to help fund growth, according to people with knowledge of the matter.
The preferred equity transaction, which involves existing investors Coatue Management and Magnetar Capital, is set to convert at a post-money valuation of about $19.1 billion, said one of the people. All of the people asked not to be named discussing confidential information. That’s more than double CoreWeave’s $7 billion valuation last year and above the $16 billion that was being discussed in March.
