04:52 AM EDT, 10/04/2024 (MT Newswires) -- Cisco Systems ( CSCO ) will soon invest in Nvidia ( NVDA ) -backed CoreWeave in a transaction that values the cloud services provider at $23 billion, Bloomberg News reported Thursday, citing unnamed people familiar with the matter.

CoreWeave had previously discussed a secondary transaction that allows existing shareholders to sell $400 million to $500 million of their holdings, Bloomberg reported in September.

The deal is close to being completed, anonymous sources told Bloomberg. The company is considering an initial public offering as early as next year, according to the report.

Cisco ( CSCO ) and CoreWeave did not immediately respond to MT Newswires' request for comment on the matter.

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