FILE PHOTO: Figurines with computers and smartphones are seen in front of the words "Artificial Intelligence AI" in this illustration taken, February 19, 2024. REUTERS/Dado Ruvic/Illustration/File Photo
(Reuters) - Nvidia-backed CoreWeave said on Tuesday that it is acquiring AI developer platform Weights & Biases as the company seeks to extend its cloud platform ahead of its IPO.
The deal will combine CoreWeave's infrastructure and managed cloud services with Weights & Biases' platform, which is used for AI model training, evaluation, and monitoring, the company said.
Weights & Biases's product is used by technology companies including OpenAI and Meta to build and train AI models and develop and deploy AI applications.
The companies did not disclose financial terms of the deal.
Technology news website The Information reported the deal could be valued at around $1.7 billion, citing unnamed sources.
CoreWeave and Weights & Biases did not immediately respond to Reuters' request for comment on the Information report.
Roseland, New Jersey-based CoreWeave earlier this week moved ahead with its listing plans this year and reported a more than eight-fold surge in 2024 revenue.
CoreWeave, whose customers include hedge fund Jane Street, as well as tech giants Meta, IBM and Microsoft, is expected to aim for a valuation greater than $35 billion in its New York flotation, Reuters previously reported.
(Reporting by Angela Christy in Bengaluru; Editing by Mrigank Dhaniwala)
