Miles Kruppa

San Francisco

Finance Reporter at The Information

Finance reporter at the @theinformation covering big money in AI. Previously reporter at the @WSJ and @FT. Get in touch: [email protected].

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Articles

Saudi Arabia, Looking Homeward in AI Buildout, Taps Cisco and AMD for Cloud Project

2 weeks ago | theinformation.com | Miles Kruppa

Saudi Arabia is lining up new investors to fund its push to become a major player in artificial intelligence, snagging cash from Cisco Systems and AMD for a cloud project that is central to its efforts to refocus spending on domestic technology. “I’m working really hard to make sure we have a considerable sum of this capital come from external investors,” said Tareq Amin, CEO of Humain, the country’s new AI company, in an interview.
AI Search Startup You.com in Talks to Raise Funds at $1.4 Billion Valuation

3 weeks ago | theinformation.com | Miles Kruppa

You.com, an artificial-intelligence search startup making a push into business software, is in talks with media conglomerate Cox Enterprises to raise funds valuing the company at $1.4 billion, said people familiar with the discussions. The funding would support You.com’s push into selling AI search tools to businesses, after the company’s consumer product fell behind competitors like Perplexity.
Kuwaiti Sovereign Wealth Fund Joins Blackrock Infrastructure Project

3 weeks ago | theinformation.com | Miles Kruppa

Source: The InformationThe Kuwait Investment Authority is joining a Blackrock-led plan to invest up to $100 billion in data centers for artificial intelligence. The $1 trillion KIA will become a “financial anchor investor” in the consortium, which is also backed by Microsoft and Abu Dhabi’s MGX, according to a statement Tuesday. Blackrock established the partnership in September and said it plans to raise $30 billion in equity and up to $100 billion total when including debt.
XAI Plans $300 Million Share Sale at $113 Billion Valuation

3 weeks ago | theinformation.com | Miles Kruppa

Source: Financial TimesElon Musk’s artificial intelligence startup xAI is allowing employees to sell $300 million worth of shares to investors, in a deal that values the company at $113 billion. That’s the same price for the company Musk announced in March, when xAI bought his social media service X.
OpenAI’s $6.5 Billion Deal to Boost Returns for Ive’s Backers

1 month ago | theinformation.com | Miles Kruppa

The OpenAI deal that values Jony Ive’s artificial intelligence startup at $6.5 billion stands to reward investors in the stealth company handsomely—at least on paper. After becoming one of OpenAI’s biggest outside shareholders, Thrive Capital last year invested about $30 million in the device startup, called Io Products, according to a person familiar with the deal.
Elad Gil’s Latest AI Bet

1 month ago | theinformation.com | Miles Kruppa

Elad Gil, the prolific investor known for placing early bets on Airbnb and Stripe, says he’s been backing ventures buying mature businesses and incorporating artificial intelligence into their work. Now we know the identity of one of them. Gil recently led a funding round in Enam Co., a one-year-old AI startup focusing on worker productivity, according to a person familiar with the deal. The investment valued it at more than $300 million, said that person and another person.
Coreweave Raises $2 Billion in Upsized High-Yield Bond Offering

1 month ago | theinformation.com | Miles Kruppa

Source: The InformationCoreweave, the debt-laden data center builder, sold $2 billion in high-yield bonds, $500 million more than expected, a sign investors will continue to fund the costly buildout of artificial intelligence computing power. The funds will be used partly to repay Coreweave’s outstanding debt, the company said Wednesday. Coreweave carried about $8 billion in debt when it went public earlier this year. Its junk bonds carry an interest rate of 9.25% and mature in 2030.
United Arab Emirates’ MGX Backs Paris Data Center Project

1 month ago | theinformation.com | Miles Kruppa

Source: The InformationUnited Arab Emirates-backed investment firm MGX and France’s sovereign wealth fund are building a 1.4 gigawatt artificial intelligence data center near Paris they said will be the largest in Europe. MGX, France’s sovereign-wealth fund Bpifrance, Paris-based AI company Mistral and Nvidia formed a joint venture to build the new data center, according to a statement Monday. Construction was expected to begin in the second half of next year.
Saudi Arabia Did Deals With Trump, but Much of the Cash Is Staying Home

1 month ago | theinformation.com | Miles Kruppa

Saudi Arabia, long viewed as a fountain of cash for the tech industry, has flipped the script, getting U.S. companies to fund its build-out of artificial intelligence. President Donald Trump announced hundreds of billions of dollars in deals when he visited Riyadh this week. The announcements touted investments in the U.S., but in many cases the Saudi money will go to U.S. companies to fund projects inside Saudi Arabia.
Cash-Hungry Data Centers Embrace a New Source of Debt

1 month ago | theinformation.com | Miles Kruppa

In the race to fund the buildout of artificial intelligence infrastructure, data centers have turned to one of the biggest pots of money on Wall Street: the securitized lending business. It’s a $2 trillion market that could help satisfy AI’s insatiable need for cash and that would spread the risk of the unprecedented boom in data centers across the financial sector.

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