Cisco Systems Inc. (CSCO) is set to make an investment in CoreWeave, a prominent cloud computing provider and a promising startup in the field of artificial intelligence. This agreement places CoreWeave's valuation at $23 billion, as reported by Bloomberg, citing sources with knowledge of the deal.
Under the guidance of CEO Michael Intrator, CoreWeave has been considering a secondary transaction that could allow current stakeholders, including employees, to sell off between $400 million to $500 million of their shares, according to Bloomberg's report from last month.