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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.

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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
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Global Tech Outage to Cost Air France KLM Close to $11 mln

Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)
Air France planes are parked on the tarmac at Paris Charles de Gaulle airport, in Roissy, near Paris, Saturday, April 7, 2018. Some 30 percent of Air France flights were cancelled Saturday as strikes over pay rises appear to be intensifying. (AP Photo/Christophe Ena)

Air France KLM faces a hit of about 10 million euros ($10.85 million) from last week's global technology outage, finance chief Steven Zaat said on Thursday.

The group is one of the first airlines to disclose a cost linked to the disruption, Reuters reported.

"The expectation is that it will cost us around 10 million (euros)," Zaad said in a press call, adding that KLM and Transavia bore the brunt of the disruptions while Air France was not seriously affected.

A software update by global cybersecurity company CrowdStrike triggered systems problems that grounded flights, forced broadcasters off air and left customers without access to services such as healthcare or banking last Friday.

Delta Air Lines has been the slowest among major US carriers to recover from the outage. The carrier has cancelled more than 6,000 flights since Friday and analysts estimate the hit to its bottom line could be in the hundreds of millions of dollars. ($1 = 0.9213 euros)