CoreWeave, a publicly traded AI cloud infrastructure company, announced a $6 billion agreement with quantitative trading firm Jane Street in which Jane Street will use CoreWeave’s AI cloud computing infrastructure to support its trading and research operations.
Under the agreement, CoreWeave will supply compute from multiple data center facilities. Jane Street also purchased $1 billion in CoreWeave Class A common stock at $109 per share. Shares of CoreWeave (CRWV) rose about 1.5% on Wednesday, trading near $119.04 at the time of publication, according to Yahoo Finance.
The deal follows an announcement about a week earlier that Anthropic will use CoreWeave’s compute infrastructure to power its Claude large language models.
CoreWeave began as a crypto mining company called Atlantic Crypto in 2017 and shifted toward AI cloud computing infrastructure in 2019. The company’s early pivot helped establish it as a leading “neocloud” provider, a term analysts at Bernstein use for cloud companies built around graphics processing units (GPUs) optimized for AI workloads. By contrast, traditional cloud providers lean on central processing units (CPUs) for general-purpose tasks like websites, media streaming and Web2 applications.
Bernstein compared CoreWeave with neocloud peers IREN and Nebius and found CoreWeave “has by far the strongest commercial machine.” CoreWeave’s revenue mix includes contractual agreements and on-demand services, and it serves a diverse customer base. Company representatives noted that nine of the leading 10 AI model providers now leverage CoreWeave’s platform.
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