Vast Data in talks with Alphabet’s CapitalG, Nvidia to fund round at up to $30B valuation

AI storage platform Vast Data is in talks with Alphabet’s venture arm CapitalG and existing backer Nvidia to raise a fresh round that could value the startup at up to $30 billion, Reuters reported, citing two sources.

TechCrunch reported last month that Vast Data was working to raise funds at a $25 billion valuation. 

The round could close in the next few weeks, per Reuters, which would make New York-based Vast Data — last valued at $9.1 billion in 2023 — one of the most valuable tech companies. 

Vast Data develops storage technology that claims to enable efficiency in AI data centers. As the AI boom intensifies and the U.S. government greenlights the scaled build-out of data centers, AI infrastructure startups are becoming a hot new focus for investment.

The startup has raised $380 million to date, and its CEO Renen Hallak said the company is free cash flow positive. Sources told Reuters that Vast Data earned $200 million in annual recurring revenue (ARR) by January 2025, with projections to grow to $600 million in ARR next year.