Cloud infrastructure company Vultr has reached a US$3.5 billion valuation after its first funding round.
Vultr raised $333 million in a funding round led by AMD Ventures and LuminArx Capital Management.
“As we continue our global expansion, LuminArx’s collaborative, innovative approach and AMD’s strategic impact enable Vultr to further accelerate growth in AI infrastructure and cloud computing, creating the category-defining independent cloud infrastructure company,” said Vultr CEO J.J. Kardwell.
Vultr, which offers a cloud computing platform and GPU (graphic processing unit) rental, has been self-funded since its founding in 2014. It is the world’s largest privately held cloud infrastructure firm, according to Vultr.
The company provides AMD, Intel, and Nvidia GPUs. “We will never seek to build GPUs and compete with that layer,” Kardwell told CNBC.
Vultr and AMD also teamed with Juniper Networks and Broadcom this month to build a new artificial intelligence development ecosystem.
The company will use its funding “to support its accelerated global expansion in AI infrastructure and cloud computing”, Vultr said.
Nvidia has partnered with cloud provider CoreWeave, which is reportedly planning an initial public offering next year. CoreWeave has been valued at $19 billion.
Another competitor, cloud infrastructure platform DigitalOcean, launched an IPO in 2021 and is also valued at $3.5 billion.