CoreWeave to Invest $2.2 Billion in European Cloud-Based AI Infrastructure

Nvidia-backed cloud provider expands presence with new data centers in Norway, Sweden, and Spain

Specialized cloud provider CoreWeave announced plans to invest an additional $2.2 billion in Europe to meet the growing demand for artificial intelligence infrastructure. This brings the company's total investment in the region to $3.5 billion. CoreWeave, which has benefited from the rapid adoption of generative AI technology, plans to build new data centers in Norway, Sweden, and Spain by the end of 2025. This expansion is on top of its existing $1.3 billion investment in the UK, where it already operates two data centers.

CoreWeave's access to the most advanced Nvidia chips, which are currently in short supply, gives it a competitive edge over hyperscalers like Amazon Web Services, Microsoft's Azure, and Google Cloud. The company recently raised $7.5 billion in debt from investors led by Blackstone and Magnetar Capital to scale up its AI infrastructure in response to surging workloads. In the same month, CoreWeave was valued at $19 billion following a Series C funding round.

Additionally, CoreWeave signed a series of 12-year contracts with bitcoin miner Core Scientific, expected to generate more than $3.5 billion in total cumulative revenue for the latter. CoreWeave also made an all-cash bid to acquire Core Scientific for $5.75 per share, which sent Core Scientific's shares up by 33%.