Nvidia backs Vast Data at $30B valuation in $1B Series F round

VAST Data said it closed a Series F financing that included roughly $1 billion of primary and secondary capital, lifting the company's valuation to about $30 billion and naming Nvidia among participating investors.

The round was led by Drive Capital with Access Industries as co-lead, and included existing backers such as Fidelity Management & Research and NEA alongside new participants; the financing package mixes growth capital with secondary liquidity for shareholders.

Market reaction to the deal has been measured: Nvidia shares saw a modest uptick as investors parsed the strategic logic of the chipmaker taking stakes in AI infrastructure companies that sit adjacent to its GPU business. The move was read as reinforcement of Nvidia's broader ecosystem play.

VAST Data positions itself as a provider of an "AI operating system" that helps move and manage data across large GPU fleets; the company has reported rising bookings and committed recurring revenue and says it is generating positive operating cash flow. Proceeds from the round are earmarked for global expansion, product development and potential strategic M&A.

Analysts say investors are increasingly valuing the layers beneath model development—storage, data movement and orchestration—as critical to scaling generative AI, and that Nvidia's selective venture investments reinforce its influence across the stack. The deal underscores continuing appetite for late-stage AI infrastructure financing even as public markets weigh valuations.