11:19 AM EDT, 05/01/2024 (MT Newswires) -- (Updates with details throughout.)

Nvidia ( NVDA )-backed (NVDA) cloud-computing firm CoreWeave secured $1.1 billion in new funding that valued the company at $19 billion, The Wall Street Journal reported Wednesday, citing CoreWeave Chief Executive Michael Intrator.

Coatue led investors in the latest financing round, which also included Magnetar Capital, Altimeter Capital, Lykos Global Management and Fidelity, according to the report.

CoreWeave will use the funds to support the expansion of its data center infrastructure, the WSJ reported, citing Intrator.

The firm didn't immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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