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Nvidia-backed CoreWeave To Acquire AI Developer Platform Ahead of IPO
The deal is valued at $1.7 billion, The Information reported.
What to know:
- CoreWeave is acquiring AI developer platform Weights & Biases for $1.7 billion to enhance its cloud computing offerings.
- The deal follows CoreWeave’s recent IPO filing, which aims to raise $4 billion at a $35 billion valuation.
- Weights & Biases' tools are widely used in AI development, and CoreWeave plans to integrate them with its infrastructure to streamline machine learning workflows.
Cloud computing firm CoreWeave has plans to acquire AI developer platform Weights & Biases as it seeks to bolster its infrastructure offerings in the fast-expanding AI sector.
STORY CONTINUES BELOW
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The deal, which is expected to close in the first half of 2025, cost CoreWeave $1.7 billion, according to a report by The Information.
Weights & Biases, which in 2023 was valued at $1.25 billion, has become a staple in the AI development community, with researchers and engineers using its tools to manage complex machine learning workflows.
By acquiring the company, CoreWeave aims to integrate its cloud computing services with Weights & Biases’ tools, offering a more seamless experience for AI developers.
The acquisition comes just days after the cloud computing provider filed for an initial public offering (IPO) on Tuesday, with the company expected to raise $4 billion with a valuation of more than $35 billion.
CoreWeave also tapped bitcoin miner Core Scientific (CORZ) to build 500 megawatts (MW) of infrastructure for AI-related purposes.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
