TLDR
- CoreWeave (CRWV) signed a $1.17 billion commercial agreement with AI startup Vast Data to use their data platform
- The deal extends an existing partnership between the two companies as AI infrastructure demand grows
- CoreWeave will use Vast as the primary data platform for its cloud infrastructure that provides GPU access to customers
- The contract typically spans three to five years though specific financial terms were not disclosed
- Vast Data reached $200 million in annual recurring revenue by January 2025 and is seeking new funding at a potential $30 billion valuation
CoreWeave has signed a $1.17 billion commercial agreement with AI startup Vast Data. The deal extends their existing partnership.
The cloud provider will use Vast as the primary data platform for its infrastructure. CoreWeave provides customers with access to graphics processing units for training and running AI models.
These contracts typically span three to five years. Vast Data declined to share detailed financial terms of the agreement.
CoreWeave, Inc. Class A Common Stock, CRWV
Vast Data builds software that helps companies store and process large volumes of information used in AI systems. The company charges based on capacity and features used.
The two companies plan to align their product roadmaps. This aims to improve how data is stored and accessed for AI workloads to increase efficiency.
Partnership Expansion Details
The expanded partnership allows Vast to work more closely with CoreWeave. Vast will continue serving its other major customers.
Vast co-founder Jeff Denworth spoke to Reuters about the company’s customer base. Other clients include Amazon Web Services and neocloud firms like Nebius.
AI labs such as Elon Musk’s xAI also use Vast’s services. The deal reflects growing investment in infrastructure for generative AI.
Companies like Nvidia-backed CoreWeave and software providers such as Vast play a central role in this space. The partnership positions both companies to capitalize on AI infrastructure demand.
Vast Data’s Financial Position
The agreement provides a revenue stream for New York-based Vast Data. The company said it is free cash flow positive.
Vast reached $200 million in annual recurring revenue by January 2025. This financial performance has attracted investor attention.
Reuters reported in August that Vast was in talks to raise several billion dollars in new capital. The potential valuation could reach up to $30 billion.
Potential investors include Alphabet’s growth fund CapitalG and Nvidia. Vast was last valued at $9.1 billion following a 2023 funding round.
The company hired former Shopify chief financial officer Amy Shapero last year. Investors view Vast as a potential IPO candidate.
The $1.17 billion deal with CoreWeave could accelerate the company’s fundraising efforts. This positions Vast to expand its market presence in AI data infrastructure.
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