Lightning AI merges with Voltage Park, valued at over $2.5 billion

AI startup Lightning AI has merged with computing power provider Voltage Park to create a "full-stack AI cloud." The merged company will be named Lightning AI, with a valuation of over $2.5 billion and an annual recurring revenue exceeding $500 million.

Lightning AI is the developer of the open-source tool PyTorch Lightning, while Voltage Park was established with a $900 million grant from the Navigation Fund, a nonprofit organization founded by Ripple co-founder and Mt. Gox co-founder Jed McCaleb, managing over 35,000 Nvidia GPUs. After the merger, Jed McCaleb's Navigation Fund will hold a significant equity stake in the new company.