CoreWeave (CRWV), a hyperscale cloud startup backed by Nvidia (NVDA, Financial), is targeting an initial public offering price between $47 and $55 per share, according to Reuters.
The AI-focused cloud provider, which filed its Form S-1 with the U.S. Securities and Exchange Commission earlier this month, describes itself as a key player in the AI revolution. It touts a proprietary cloud platform designed to support cutting-edge AI models and applications, with clients that include Microsoft (MSFT, Financial), Meta Platforms (META, Financial), IBM (IBM, Financial), Mistral AI, and Cohere Inc.
Surging Revenue, But Still in the Red
CoreWeave's business has skyrocketed. The company generated $1.9 billion in revenue in 2024, marking an explosive 737% year-over-year increase. However, despite the massive growth, CoreWeave reported a net loss of $863 million for the year.
Microsoft was its biggest customer, accounting for 62% of revenue in 2024, up from 35% the previous year.
Big Deals & IPO Timeline
Earlier this month, CoreWeave signed an $11.9 billion, five-year deal with OpenAI to supply AI infrastructure, further cementing its role in the rapidly expanding AI ecosystem.
The company is expected to start marketing its IPO this week and could go public by the end of March or in April, sources told Reuters. CoreWeave will trade under the ticker CRWV.
