AMD-Backed Vultr Seeks $1 Billion for AI Cloud Push

Vultr, one of the oldest independent cloud providers, is seeking to raise at least $1 billion in new capital so it can compete with a growing list of startups scrambling for cash to meet the surging demand for AI computing power.

The company, which is backed by chipmaker Advanced Micro Devices, was founded in 2014 and didn’t raise any outside equity funding until 2024, a marked contrast to the latest wave of cloud providers such as Fluidstack, CoreWeave and Nscale, which have raised tens of billions of dollars during their shorter times in existence.