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

Artificial intelligence startup Lightning AI and computing power provider Voltage Park have merged to form Lightning AI, with a valuation of over $2.5 billion and annual recurring revenue exceeding $500 million. Lightning AI is the developer of the open-source tool PyTorch Lightning. Voltage Park was established with a $900 million funding from Navigation Fund, a non-profit organization under Jed McCaleb, co-founder of Ripple and Mt. Gox, and manages over 35000 Nvidia GPUs. After the merger, Jed McCaleb's fund Navigation Fund will hold a significant stake in the new company.