CoreWeave Raises $7.5 billion Debt from Blackstone, Others

CoreWeave Raises $7.5 billion Debt from Blackstone, Others
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CoreWeave Raises $7.5 billion Debt from Blackstone, Others

CoreWeave Raises $7.5 billion Debt from Blackstone, Others

Specialized cloud services provider CoreWeave is raising $7.5 billion in debt from financiers led by Blackstone and Magnetar to expand its infrastructure to meet rising artificial intelligence (AI) workloads, it said on Friday.

The deal is one of the largest debt financing rounds for a startup and adds firepower to CoreWeave's balance sheet as it looks to expand its cloud computing services to more customers, Reuters reported.

The Nvidia-backed company has raised more than $12 billion in equity and debt investments over the past 12 months, including a $1.1 billion series C investment led by private equity firm Coatue earlier this month.

"The caliber of investors in this large debt financing round is a powerful testament to ... the insatiable market appetite for AI infrastructure," CEO and co-founder Michael Intrator said in a statement.

Coatue, Carlyle, CDPQ, DigitalBridge Credit, funds managed by BlackRock, Eldridge Industries and Great Elm Capital Corp were also part of CoreWeave's latest debt raise.

CoreWeave has seen a boost from businesses rapidly adopting generative AI technology. It has partnerships with AI startups and competing cloud providers to build clusters to power AI workloads.



TikTok to Let US Android Users Download App via Kits on Its Website

The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
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TikTok to Let US Android Users Download App via Kits on Its Website

The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)
The TikTok app logo is seen in this illustration taken, August 22, 2022. (Reuters)

TikTok said on Friday it was allowing US Android users to download and connect to the short video app through package kits on its website, in an effort to circumvent restrictions on the popular platform in the country.

Apple and Google have not reinstated TikTok to their app stores since a US law took effect on January 19 requiring its Chinese owner ByteDance either to sell it on national security grounds or face a ban.

President Donald Trump, who took office the day after the law went into effect, signed an executive order seeking to delay by 75 days the enforcement of the law.

Trump has said that he was in talks with multiple people over TikTok's purchase and would likely have a decision on the app's future this month. It has about 170 million American users.

The president signed an executive order on Monday ordering the creation of a sovereign wealth fund within the next year, saying it could potentially buy TikTok.

US officials have warned that under ByteDance, there was a risk of Americans' data being misused.

Free speech advocates have opposed TikTok's ban under the law, which was overwhelmingly passed by Congress and signed by then-President Joe Biden.

The company says US officials misstated its ties to China, arguing its content recommendation engine and user data are stored in the United States on cloud servers operated by Oracle, while content moderation decisions that affect American users are also made in the United States.