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IMCO invests US$150 million in US specialized cloud provider CoreWeave

IMCO’s Fundamental Equities' investment adds diversified exposure to rapidly growing AI cloud market

Toronto (December 5, 2023) - The Investment Management Corporation of Ontario ("IMCO") announced today that it is investing US$150 million in CoreWeave ("the Company"), the leading specialised GPU cloud provider. CoreWeave's specialized cloud infrastructure is well positioned to meet the rising demand for next-generation cloud computing, fueled by the adoption of generative Artificial Intelligence ("AI"). This investment, led by IMCO's Fundamental Equities group, adds direct and diversified exposure to an increasingly critical enabler for the world's leading technology companies and the adoption of AI.

IMCO's Fundamental Equities strategy invests in select companies and works with the management teams over the long term to unlock shareholder value. Its mandate spans the full range of capital needs, from targeted liquid investments in public markets to a "Fundamental Plus" approach where IMCO identifies and pursues negotiated transactions for meaningful equity stakes in public and pre-public companies.


The Investment Management Corporation of Ontario (IMCO) manages $73.3 billion of assets on behalf of our clients. Designed exclusively to drive better investment outcomes for Ontario's broader public sector, IMCO operates under an independent, not-for-profit, cost recovery structure. We provide leading investment management services, including portfolio construction advice, better access to a diverse range of asset classes and sophisticated risk management capabilities. As one of Canada's largest institutional investors, we invest around the world and execute large transactions efficiently. Our scale gives clients access to a well-diversified global portfolio, including sought-after private and alternative asset classes. Follow us on LinkedIn and X @imcoinvest.

CoreWeave is a specialized GPU cloud provider, designed to power the most complex workloads with customized solutions at scale. The company's portfolio of cutting-edge technology delivers a broad range of capabilities for machine learning and AI, graphics and rendering, life sciences, real-time streaming, and more. Its world-class teams, talent, and engineering prowess bring unmatched speed-to-market for advanced compute. CoreWeave operates a growing footprint of datacenters covering every region of the US. It was founded in 2017 and is based in New Jersey. Learn more at


Tina Lo, Corporate Communications, IMCO