CoreWeave, the publicly traded AI cloud infrastructure provider, announced a $6 billion agreement with quantitative trading firm Jane Street under which Jane Street will run its trading and research workloads on CoreWeave’s AI-focused cloud.
As part of the arrangement, CoreWeave will provide compute capacity from multiple data center sites. Jane Street also bought $1 billion worth of CoreWeave Class A common stock at $109 per share. Shares of CoreWeave (CRWV) rose roughly 1.5% on Wednesday, trading near $119.04 at the time of publication, according to Yahoo Finance.
The transaction comes about a week after CoreWeave disclosed a separate deal to supply compute for Anthropic’s Claude large language models.
CoreWeave traces its roots to 2017, when it was founded as a crypto-mining operation called Atlantic Crypto. The company shifted focus to AI cloud infrastructure in 2019, positioning itself as a so-called “neocloud” provider built around GPUs optimized for machine learning workloads. That stands in contrast to traditional cloud vendors that emphasize CPUs for general-purpose tasks such as websites, media streaming and Web2 applications.
Analysts at Bernstein compared CoreWeave with neocloud peers IREN and Nebius, concluding that CoreWeave has the strongest commercial engine among them. The company’s revenue comes from a mix of contractual deals and on-demand services, and it serves a broad customer base. Company representatives say nine of the top 10 AI model providers now use CoreWeave’s platform.
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