Nvidia-Backed CoreWeave Sees 8-Fold Revenue Surge Ahead of $35 Billion IPO

CoreWeave, a cloud provider backed by Nvidia, reported an eight-fold revenue increase in 2024, reaching $1.92 billion. The company is preparing for an IPO aiming to raise over $3 billion and achieve a valuation of over $35 billion. Founded in 2017, CoreWeave provides AI workload solutions and serves clients like Meta, IBM, and Microsoft. Despite significant revenue growth, its net loss widened to $863.4 million. CoreWeave’s data center footprint expanded to 32 locations with over 250,000 GPUs. Nvidia holds a 6% stake. The IPO will be listed on Nasdaq under the symbol “CRWV,” with Morgan Stanley, J.P. Morgan, and Goldman Sachs as lead underwriters.

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• CoreWeave Files for IPO, Aiming to Capitalize on AI Boom with $1.9B Revenue Surge

Nvidia-Backed CoreWeave Sees 8-Fold Revenue Surge Ahead of $35 Billion IPO

CoreWeave, a cloud provider backed by Nvidia, has revealed a significant surge in its revenue, reporting an eight-fold increase in 2024, according to its U.S. initial public offering (IPO) filing. The company is preparing for its IPO, which could become one of the largest stock market listings in recent years. It aims to raise over $3 billion and is targeting a valuation of more than $35 billion. CoreWeave, founded in 2017 and based in Roseland, New Jersey, specializes in providing high-powered chips and data center access for AI workloads, with major customers like Meta, IBM, and Microsoft.

In 2024, CoreWeave’s revenue reached $1.92 billion, a massive jump from $228.9 million in 2023, though its net loss increased to $863.4 million from $593.7 million the previous year. The company has raised over $14.5 billion through 12 financing rounds, including a massive $7 billion private debt financing round in May 2024. CoreWeave’s IPO is expected to be a major event in the tech industry, as it could pave the way for other AI companies to list publicly.

CoreWeave’s data center footprint expanded significantly, growing from 10 data centers in 2023 to 32 in 2024, and it operates more than 250,000 GPUs. Nvidia holds a 6% stake in the company. The IPO will be listed on the Nasdaq under the ticker symbol “CRWV,” with Morgan Stanley, J.P. Morgan, and Goldman Sachs serving as the lead underwriters. The company plans to use the proceeds for working capital and debt repayment.

CoreWeave Files for IPO, Aiming to Capitalize on AI Boom with $1.9B Revenue Surge

CoreWeave, a cloud computing firm backed by NVIDIA, filed its Form S-1 with the U.S. Securities and Exchange Commission on Monday, signaling its intent for an initial public offering (IPO). The company, which supports AI workloads for companies like Microsoft and Meta, plans to list its Class A common stock on the Nasdaq under the ticker “CRWV.”

The IPO is seen as a significant event for the AI infrastructure sector, which is expected to reach $399 billion by 2028. Founded by Michael Intrator, Brian Venturo, and Brannin McBee, CoreWeave has become known as the “AI Hyperscaler,” offering specialized GPU-based cloud services. Its revenue skyrocketed to $1.9 billion in 2024, a 737% increase from $229 million in 2023, although the company posted a net loss of $863 million.

CoreWeave operates over 250,000 GPUs across 32 data centers and supports AI labs like Cohere and Mistral, with $15.1 billion in remaining performance obligations as of December 31, 2024. The company’s platform boasts higher efficiency, claiming a 20% improvement in model FLOPS utilization and a record-setting MLPerf benchmark in 2023, 29 times faster than competitors.

With $14.5 billion raised through debt and equity, including a $7.6 billion facility from Blackstone, CoreWeave aims for growth in the AI sector, which is expected to have a $20 trillion economic impact by 2030. The IPO will be underwritten by Morgan Stanley and Goldman Sachs, with pricing details yet to be disclosed.