VAST Data Raises $1 Billion at $30 Billion Valuation with Nvidia Participation

What's happening

VAST Data announced a $1 billion Series F funding round on April 22, 2026, achieving a $30 billion valuation that represents more than a 3x increase from its $9.1 billion valuation in 2023. The round was led by Drive Capital and Access Industries, with participation from Nvidia, Fidelity Management & Research Company, and NEA. The funding includes both primary and secondary capital.

The AI data storage company reports $4 billion in cumulative bookings and $500 million in committed annual recurring revenue. Its client base includes xAI, CoreWeave, Mistral, the U.S. Air Force, and Cursor. Drive Capital co-founder Chris Olsen stated that "the scale and speed of AI adoption are creating a new class of infrastructure company" and described VAST as "the clear leader in this category, with the architecture and momentum to support the world's most demanding AI environments."

Why it matters for markets

The $30 billion valuation places VAST Data among the highest-valued private AI infrastructure companies, reflecting investor appetite for data storage solutions supporting machine learning workloads. The company's $500 million in committed annual recurring revenue and $4 billion in cumulative bookings demonstrate substantial commercial traction in a market experiencing rapid expansion driven by AI adoption.

Nvidia's participation as an investor signals strategic alignment between the chip giant and data infrastructure providers serving AI workloads. With Nvidia's market capitalization at $4.92 trillion and revenue of $215.94 billion, the company's investment validates VAST's positioning in the AI infrastructure stack. The funding round's size and valuation multiple suggest institutional investors view AI data storage as a critical bottleneck requiring significant capital investment.

The more than 3x valuation increase from 2023 to 2026 reflects the accelerating demand for AI infrastructure. VAST's client roster, including major AI companies and government entities, positions it to capture revenue from organizations scaling machine learning operations that require specialized data storage architectures.

Sectors and assets to watch

AI infrastructure companies and data storage providers face increased competition for enterprise clients deploying machine learning workloads. VAST's $1 billion funding round and $30 billion valuation set new benchmarks for private market valuations in the sector. Public cloud providers and traditional storage companies must compete against well-capitalized startups targeting AI-specific use cases.

Nvidia's investment reinforces its strategy of supporting the broader AI ecosystem beyond chip manufacturing. The company's participation alongside institutional investors like Fidelity suggests alignment between hardware providers and infrastructure companies serving AI workloads. Nvidia shares trade at $202.50 with a 41.3 price-to-earnings ratio, reflecting investor confidence in the AI infrastructure buildout.

What to watch next

Monitor VAST Data's path toward a potential public offering, given its $30 billion private valuation and $500 million in annual recurring revenue. Track whether other AI infrastructure companies achieve similar valuation multiples in upcoming funding rounds. Watch for additional strategic investments by Nvidia in data infrastructure companies as the chip maker expands its ecosystem partnerships beyond hardware sales.