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AI startup CoreWeave closes $650 million secondary share sale, with Cisco joining as investor
CSCOCisco Systems(CSCO) CNBC·2024-11-13 17:00

CoreWeave, a startup that rents out Nvidia's artificial intelligence chips to other companies, said Wednesday that it closed a 650millionsecondarysharesale,withCiscoandPureStorageinvestingalongsidefinancialinstitutions.Inthetransaction,CoreWeave′sexistingstakeholdersaresellingsharestooutsideinvestors.BloombergreportedlastmonththatCoreWeavewastargetinga650 million secondary share sale, with Cisco and Pure Storage investing alongside financial institutions.In the transaction, CoreWeave's existing stakeholders are selling shares to outside investors. Bloomberg reported last month that CoreWeave was targeting a 23 billion valuation for the deal, up from 19billionina19 billion in a 1.1 billion investment round announced in May.CoreWeave is go ...