New Jersey-based data company CoreWeave has announced plans to open a $1.6 billion data center in Plano.
The 450,000-square-foot facility will be located in an existing building at 1000 Coit Rd., according to Community Impact.
The facility should be fully operational by December 31, the company said in a press release.
CoreWeave, a specialized cloud provider, focuses on “high-performance cloud solutions for artificial intelligence, machine learning, pixel streaming and other emerging technologies,” CEO Michael Intrator said in the release.
The Plano City Council voted unanimously last week to approve property tax abatements for the data center through 2031, per Community Impact.
CoreWeave has agreed to designate at least $800 million a year for the next two years for property improvements at the site, according to reports.
“With the demand for machine learning, AI and visual effects/rendering sharply rising, we are thrilled to partner with CoreWeave as the company invests in its first data center in Texas,” Plano Mayor John Muns said in the release.
CoreWeave was founded in 2017. The company claims to create cloud solutions that are “up to 35 times faster and 80% less expensive than the large, generalized public clouds.”
The property at 1000 Coit Rd. is publicly listed as owned and operated by Lincoln Property Company’s Lincoln Rackhouse. It has been different businesses through the years, a website focusing on data centers reported.
CoreWave has three data center regions, one in Weehawken, New Jersey, and the others in Las Vegas and Chicago.
On its website, CoreWeave says its mission “is to become the de facto industry standard for high-performance compute use cases, while earning recognition as a world-class place to work.”
The company has started listing some openings in Plano on its jobs board.
“At CoreWeave, we work hard, have fun, and move fast! We’re in an exciting stage of hyper-growth that you will not want to miss out on. We’re not afraid of a little chaos, and we’re constantly learning,” it says.
“Our team cares deeply about how we build our product and how we work together, which is represented through our core values — Be Curious at your Core, Act like an Owner, Empower Employees, Deliver Best-In-Class Client Experience, and Achieve More Together.”
