VAST Data reaches US$30 billion valuation on AI infrastructure demand

VAST Data has raised new funding at a US$30 billion valuation, more than tripling its US$9.1 billion valuation from late 2023. The Series F round was led by Drive Capital, with Access Industries as co-lead, alongside participation from Fidelity Management & Research Company, NEA, NVIDIA, and new investors.

The financing includes both primary and secondary capital, with a total transaction value of approximately US$1 billion. VAST Data said primary proceeds will support global growth and strategic transactions intended to expand its technology footprint and partnerships.

A platform built around AI workloads

VAST Data’s platform centres on its AI Operating System, which combines data, compute, and real-time processing into a single system. Built on its Disaggregated Shared Everything architecture, the platform is designed to reduce trade-offs between scale, performance, simplicity, and cost in distributed environments.

The company argues that this matters more as AI systems become harder to separate into neat infrastructure layers. Renen Hallak, Founder and CEO of VAST Data, said, “We are already supporting AI environments spanning millions of GPUs globally, operating across every layer of the AI stack. What is becoming clear is that these layers are no longer independent. Applications, models, and infrastructure now operate as a single system through data. VAST sits at the centre of how that system works, which is why we are seeing this level of demand at global scale.”

VAST Data said its platform is used across large-scale AI environments, including deployments that support training and inference workloads across millions of GPUs. The company named customers including CoreWeave, Lowe’s, the U.S. Air Force, and Cursor.

Growth and financial profile

The company reported more than US$4 billion in cumulative bookings and more than US$500 million in Committed Annual Recurring Revenue at the end of its previous fiscal year. It also said it exited that period with positive operating margin and free cash flow.

VAST Data reported a Rule of X score of 228% in its most recent fiscal year, which it presented as a measure of combined growth and profitability. In the context of a capital-intensive AI infrastructure market, those figures form part of the case for why investors have assigned a sharply higher valuation.

Chris Olsen, Co-Founder and Partner at Drive Capital, said, “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, with the architecture and momentum to support the world’s most demanding AI environments. The step-change in valuation reflects both that momentum and our conviction in VAST’s role at the centre of this market.”

Customer use cases

The company also tied its infrastructure claims to model training and deployment workloads. Timothée Lacroix, Co-Founder and CTO of Mistral AI, said, “VAST’s data platform enables us to efficiently manage and scale the massive datasets required to train frontier models, ensuring high performance and flexibility across our training pipelines.”

VAST Data also pointed to deployments in financial services and cloud infrastructure, including work with JPMorganChase and Crusoe, as part of its broader customer base supporting enterprise AI and large-scale compute environments.