## CoreWeave’s $1.2 Billion Investment Fuels New Jersey’s AI Boom with New Data Center
In a major boost to New Jersey’s growing artificial intelligence (AI) landscape, CoreWeave, a leading cloud computing company, has announced plans to establish its first data center in the state. The project, a collaborative effort with real estate developers Onyx Equities and Machine Investment Group, will transform a 280,000-square-foot former lab and manufacturing building into a state-of-the-art facility at the Northeast Science & Technology (NEST) Center in Kenilworth.
CoreWeave’s investment, totaling $1.2 billion, will be complemented by an over $50 million investment from the Onyx Equities-led venture. This ambitious project will not only bring cutting-edge technology to New Jersey but also create a substantial number of job opportunities and contribute significantly to the state’s economic growth.
A Strategic Partnership for Innovation and Growth
The project has secured the support of PSE&G, New Jersey’s oldest and largest utility, which will be responsible for upgrading the area’s electrical infrastructure to accommodate the data center’s energy needs. PSE&G, with its experience in serving over 30 large data centers, is well-equipped to handle the demands of this ambitious project.
Governor Phil Murphy, highlighting the significance of CoreWeave’s investment, stated, “CoreWeave’s commitment to invest over a billion dollars at the NEST campus demonstrates New Jersey’s leading role in artificial intelligence, and our innovation strategies are working.” He emphasized the state’s dedication to fostering an innovation economy by attracting businesses like CoreWeave and collaborating with key stakeholders including utilities, government entities, investors, and real estate developers.
Ralph LaRossa, Chair, President, and CEO of PSEG, PSE&G’s parent company, also expressed enthusiasm for the project, stating, “This project is a good example of the work that Governor Murphy and the New Jersey Economic Development Authority are doing to foster a new wave of economic development for our state.” He added, “We are excited to welcome and partner with Onyx and CoreWeave on this project.”
A Strategic Location for AI and Innovation
The NEST Center, a 100+ acre campus with over 2 million square feet of space, has been meticulously designed to accommodate life science innovation and data centers. This strategically located campus provides immediate availability of turnkey, customizable office, laboratory, and bio-manufacturing spaces, catering to the growing demand in the tri-state area. With its proximity to major research institutions and a skilled workforce, the NEST Center offers an ideal environment for innovation and growth.
Michael Intrator, CEO and Co-founder of CoreWeave, expressed his excitement about the project, stating, “We are incredibly excited to open a next-generation data center in CoreWeave’s home state of New Jersey.” He attributed Governor Murphy’s efforts to fostering an AI ecosystem in New Jersey as a key factor in their decision, underscoring that “New Jersey is open for AI business.”
John Saraceno, Co-Founder and Managing Principal for Onyx Equities, highlighted the strategic significance of CoreWeave’s presence at the NEST campus, stating, “This partnership positions the NEST campus as a major hub for data processing, AI, and biopharma innovation.” He emphasized that CoreWeave’s advanced cloud infrastructure would be instrumental in supporting life science and biotechnology tenants on the campus, empowering them to leverage AI-driven projects and advance research and development capabilities.
A Catalyst for Economic Growth and Innovation
This project is a testament to the growing importance of data centers and AI in today’s technological landscape. CoreWeave’s significant investment in New Jersey, combined with the collaborative efforts of Onyx Equities, Machine Investment Group, and PSE&G, is poised to transform the state into a leading center for innovation and economic growth. As the world continues to embrace AI and cloud computing, New Jersey is positioned to capitalize on this burgeoning sector, attracting businesses, creating jobs, and contributing to a brighter future for its economy.
