CoreWeave Files for IPO, Targets $35 Billion Valuation

CoreWeave, a cloud computing firm backed by Nvidia, has filed for an initial public offering (IPO) in the United States, targeting a valuation exceeding $35 billion. This move marks the first major AI-related IPO in New York for 2025, according to Reuters. The company reported a significant revenue increase, surging over eight-fold to $1.92 billion in 2024 from $228.9 million the previous year.

Founded in 2017, CoreWeave provides access to data centers and high-powered chips for AI workloads, primarily supplied by Nvidia. The company competes with major cloud providers such as Microsoft's Azure and Amazon's AWS. Despite its impressive revenue growth, CoreWeave's net loss widened to $863.4 million in 2024, up from $593.7 million in 2023.

CoreWeave plans to list its shares on the Nasdaq under the ticker "CRWV," with Morgan Stanley, J.P. Morgan, and Goldman Sachs as the lead underwriters. The IPO proceeds will be used for working capital and other purposes, including debt repayment. The company has raised over $14.5 billion in debt and equity across 12 financing rounds, with major shareholders including investment firms Magnetar and Fidelity, and Nvidia holding a 6% stake.