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CoreWeave, a cloud provider backed by Nvidia (NASDAQ:NVDA), has filed for a U.S. IPO, aiming for a valuation exceeding $35 billion. The company, which supplies high-powered chips and data center access for AI workloads, saw its revenue surge over eightfold to $1.92 billion in 2024 from $228.9 million in 2023. Despite this growth, its net loss widened to $863.4 million.
The IPO, expected to raise over $3 billion, comes as AI-driven demand for cloud computing accelerates. CoreWeave competes with Microsoft (NASDAQ:MSFT) Azure and Amazon (NASDAQ:AMZN) AWS, serving major clients like Meta (NASDAQ:META), IBM (NYSE:IBM), and hedge fund Jane Street. Nvidia, holding a 6% stake in the company, remains a key supplier.
Founded in 2017, the Roseland, New Jersey-based firm has expanded its data center footprint from 10 to 32 in 2024, operating over 250,000 GPUs. It has raised more than $14.5 billion across 12 financing rounds, including a $7 billion private debt funding led by Blackstone (NYSE:BX) and Magnetar in May.
The listing comes amid a booming AI sector, despite concerns over spending slowdowns following Microsoft's reported data center lease cuts and rising competition from China’s DeepSeek. However, Nvidia's strong earnings reaffirmed continued AI investment.
A successful CoreWeave IPO could reignite the tech IPO market, attracting more AI firms to go public. The company, backed by major investors like Fidelity and Magnetar, has enlisted 14 banks, including Morgan Stanley, J.P. Morgan, and Goldman Sachs, to manage the offering. CoreWeave will trade under the Nasdaq ticker "CRWV," with proceeds allocated for working capital and debt repayment.
