CoreWeave, a company backed by Nvidia (NVDA.O), announced Tuesday its acquisition of Weights & Biases, an AI developer platform. This strategic move is part of CoreWeave’s plan to bolster its cloud platform as the company prepares for its initial public offering.
The deal will integrate CoreWeave’s infrastructure and managed cloud services with Weights & Biases’ platform, which is specifically designed for AI model training, evaluation, and monitoring. This combination aims to provide a comprehensive suite of tools for AI development.
Weights & Biases is currently utilized by major technology companies, including OpenAI and Meta (META.O), to build, train, and deploy AI models and applications. The acquisition signals CoreWeave’s commitment to providing advanced resources to support the evolving AI landscape.
Financial terms of the acquisition were not disclosed by the companies involved. However, The Information reported the deal could reach a valuation of approximately $1.7 billion, relying on information from anonymous sources. Neither CoreWeave nor Weights & Biases immediately commented on The Information’s report when contacted by Reuters.
This week, CoreWeave, headquartered in Roseland, New Jersey, has moved forward with its plans for a public listing this year. The company has reported a significant increase in revenue, with over an eight-fold surge in 2024. CoreWeave’s clients include Jane Street, a hedge fund, in addition to major technology firms such as Meta, IBM (IBM.N), and Microsoft (MSFT.O). Reports suggest CoreWeave is targeting a valuation exceeding $35 billion for its New York flotation.
