Vast Data Raises $1 Billion at $30 Billion Valuation, Wasabi Secures $250 Million Credit Facility
April 22, 2026
The race to build the foundational infrastructure for artificial intelligence has triggered a new wave of major financing in the data platform sector. This week witnessed two significant capital events, highlighting the intense investor appetite for companies positioned at the core of AI and cloud data management.
Vast Data, a provider of an AI data platform and operating system, announced the close of its Series F funding round, raising approximately $1 billion. The investment places a staggering $30 billion valuation on the company, representing a more than threefold increase from its $9 billion valuation during its Series E round at the end of 2023. The round was led by Drive Capital with co-leadership from Access Industries, and saw participation from both existing investors like Fidelity Management & Research Company, NEA, and Nvidia, as well as new backers.
The company stated that the proceeds, comprising both primary and secondary capital, will be used to solidify its AI operating system's role in the broader ecosystem and fuel further expansion. Vast Data reported surpassing $4 billion in cumulative bookings and exiting its last fiscal year with over $500 million in Committed Annual Recurring Revenue (CARR), alongside positive operating margin and free cash flow. Its platform underpins several large-scale AI platforms, including those of neocloud providers like CoreWeave, Firmus, Nscale, and Fluidstack.
"We are already supporting AI environments spanning millions of GPUs globally, operating across every layer of the AI stack," said Renen Hallak, founder and CEO of Vast Data. "What is becoming clear is that these layers are no longer independent... VAST sits at the center of how that system works, which is why we are seeing this level of demand at global scale." Chris Olsen, co-founder and partner at lead investor Drive Capital, commented, "The scale and speed of AI adoption are creating a new class of infrastructure company. Vast is emerging as the clear leader in this category... The step-change in valuation reflects both that momentum and our conviction in Vast's role at the center of this market."
In a parallel development, hot cloud storage specialist Wasabi Technologies secured a $250 million credit facility. The facility was led by Bain Capital with participation from several financial institutions including US Private Credit Investments (a division of BTG Pactual Global Alternatives), Neuberger Specialty Finance, Energy Impact Partners, and Aksia. According to the company, the capital will support continued investment in its cloud storage platform, infrastructure, and global expansion.
Michael Bayer, EVP and CFO of Wasabi, noted, "We’re investing in our infrastructure to meet growing demand for data, especially as AI and modern applications require scalable, accessible storage." Andrea Lucido, a director at Bain Capital, added, "Wasabi’s growth trajectory, strong fundamentals, and expanding global customer base reflect the growing need for reliable, cost-effective cloud storage." This financing follows Wasabi's recent acquisition of Lyve Cloud from Seagate Technology and a $70 million equity round earlier this year that valued the company at $1.8 billion.
Together, these substantial financings signal robust investor confidence in the long-term growth of data infrastructure essential for the AI era, focusing on both high-performance platforms and scalable, cost-effective storage solutions.
Source: datacenterdynamics
