 "Nvidia-backed cloud firm CoreWeave files for $35 bn IPO, first major 2025 AI offering in US")
Nvidia-backed CoreWeave’s revenue increased by more than eightfold in 2024, according to the cloud provider’s U.S. IPO papers, as the business prepares for the first significant artificial intelligence debut in New York this year.
The filing lays the framework for what might be one of the largest stock market flotations in recent years, just as the IPO market resumes activity following the traditional February slump.
CoreWeave, headquartered in Roseland, New Jersey, will sell shares in the planned sale, as will certain current stockholders. In November, Reuters reported that the corporation is expected to aim to raise over $3 billion through the sale of its shares.
CoreWeave, founded in 2017, gives access to data centres and high-performance CPUs for AI workloads, which are mostly supplied by Nvidia. It competes with cloud services like Microsoft’s Azure and Amazon’s AWS.
CoreWeave, whose clients include hedge fund Jane Street as well as IT behemoths Meta, IBM, and Microsoft, is set to seek a valuation of more than $35 billion in its New York IPO, Reuters reported.
In November, the corporation was valued at $23 billion following a secondary share sale of $650 million.
CoreWeave’s revenue jumped to $1.92 billion in 2024, up from $228.9 million the year before. Its net loss increased to $863.4 million in the same time, from $593.7 million in 2023.
Impact Shorts
More Shorts“CoreWeave should be one of the headline IPOs of 2025. We’ve been waiting for a tech company like this to break the ice,” said Matt Kennedy, senior strategist at Renaissance Capital, a provider of IPO-focused research and ETFs.
CoreWeave has raised more than $14.5 billion in debt and equity across 12 financing rounds. In May, CoreWeave raised over $7 billion in one of the largest private debt financing rounds in history, led by asset managers Blackstone and Magnetar.
Data center boom
The explosive growth in use of AI applications across sectors in recent years has turbocharged global demand for digital infrastructure such as data centers, the powerhouse behind the boom.
The launch of low-cost AI models from China’s DeepSeek earlier this year rattled investors and raised fears of a pullback in AI spending. Those worries were exacerbated after TD Cowen analysts last month suggested Microsoft was scrapping some data center leases.
But AI bellwether Nvidia’s quarterly earnings last week showed that the AI boom was not dead yet and allayed doubts around a slowdown in AI spending by tech giants.
A successful share sale for CoreWeave could encourage other AI companies to move ahead with their listing plans.
“A lot of other AI companies are sitting on the sidelines, waiting for another IPO to crack open the window a bit more. IPO markets have had a shaky start to the year, but a successful listing from CoreWeave could really help get the ball rolling,” Kennedy said.
Data center operator Switch is weighing an IPO at about a $40 billion valuation, Reuters reported in September. Nvidia rival Cerebras Systems mulled going public last year but postponed its roadshow amid delays with a U.S. national security review, Reuters has reported.
CoreWeave’s data center footprint grew to 32 in 2024, compared with 10 in 2023. The company runs more than 250,000 graphics processing units in total.
Its major shareholders include investment firms Magnetar and Fidelity. Chip giant Nvidia holds a 6% stake in CoreWeave.
CoreWeave, which has tapped 14 banks for the IPO, will list on the Nasdaq under the symbol “CRWV.”
Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters for the offering.
The IPO proceeds will be used for working capital and other purposes, including debt repayment.
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