CoreWeave $2 billion equity raise and collaboration framework with NVIDIA

Davis Polk advised CoreWeave, Inc. in connection with its issuance of 22,935,780 shares of Class A common stock in a private placement to NVIDIA Corporation, for an aggregate purchase price of $2 billion, and a related collaboration framework with NVIDIA. Under the collaboration framework, the parties intend to, among other things, have CoreWeave develop and operate AI factories using NVIDIA’s computing platform technology; leverage NVIDIA’s financial strength to accelerate CoreWeave’s procurement of land, power and shell to build more than 5 gigawatts of AI factories by 2030; test and validate CoreWeave’s software and reference architecture in order to have them included in NVIDIA’s reference architectures for its cloud partners and enterprise customers; and deploy NVIDIA infrastructure across CoreWeave’s platform.

Built for pioneers by pioneers, CoreWeave delivers a platform of technology, tools and teams that enables innovators to move at the pace of innovation, building and scaling AI with confidence. Trusted by leading AI labs, startups and global enterprises, CoreWeave serves as a force multiplier by combining superior infrastructure performance with deep technical expertise to accelerate breakthroughs.

NVIDIA is a world leader in AI and accelerated computing.

The Davis Polk corporate team included partners Michael Kaplan, Michael Gilson, Hillary A. Coleman and Tierney O’Rourke, counsel Steven Glendon and associate Paul M. Sessa. The intellectual property and commercial transactions team included partner Pritesh P. Shah, counsel Mikaela Dealissia and associate Francesca Masella. The tax team included partner Corey M. Goodman. Members of the Davis Polk team are based in the New York and Northern California offices.