CapitalG and Nvidia Eye $30 Billion Valuation in Vast Data Funding

Alphabet’s growth-stage investment arm CapitalG and existing backer Nvidia are in advanced talks to inject several billion dollars into AI infrastructure specialist Vast Data, people familiar with the matter told Reuters. The prospective round could value the New York-based company at as much as $30 billion, a sharp jump from the $9.1 billion valuation it secured in 2023 and one of the highest price-tags for a privately held AI firm. Vast Data builds flash-based storage systems and software that speed data movement between graphics processors in large artificial-intelligence data centres. Its technology is used by customers including Elon Musk’s xAI and cloud-computing provider CoreWeave. The company reported about $200 million in annual recurring revenue as of January 2025 and is targeting $600 million next year, according to a source. A deal would deepen Nvidia’s strategy of backing companies that expand the reach of its GPU ecosystem and could position Vast Data for an eventual initial public offering. The firm last year hired former Shopify finance chief Amy Shapero as its first CFO, a move seen by bankers as laying groundwork for a listing. The funding round could close within weeks; CapitalG, Nvidia and Vast Data declined to comment.