Nvidia-backed Vast Data inks $1.17 billion AI deal with CoreWeave

Core Agreement - Vast Data has signed a $1.17 billion commercial agreement with CoreWeave, extending their partnership amid growing demand for AI infrastructure [1][2] - CoreWeave will utilize Vast as the primary data platform for its cloud infrastructure, providing access to GPUs for AI model training and execution [2] Company Operations - Vast Data develops software for storing and processing large volumes of data used in AI systems, charging based on capacity and features [3] - The partnership aims to align product roadmaps to enhance data storage and access for AI workloads, improving efficiency [3] Market Position and Financials - Vast Data serves major clients, including Amazon Web Services and AI labs like Elon Musk's xAI, highlighting its significant role in the generative AI infrastructure [4] - The agreement is expected to generate substantial revenue for Vast, which reported being free cash flow positive and projected to reach $200 million in annual recurring revenue by January 2025 [5] - Vast is in discussions to raise several billion dollars at a valuation of up to $30 billion, with potential investors including CapitalG and Nvidia [5] Valuation and Future Prospects - Vast was last valued at $9.1 billion following a funding round in 2023 and is considered a potential IPO candidate after hiring a former Shopify CFO [6]