(Bloomberg) — CoreWeave Inc., a cloud-computing provider that’s one of the hottest startups in artificial intelligence, and some of its investors are seeking to raise as much as $2.7 billion in an initial public offering.
Most Read from Bloomberg
The Nvidia Corp. (NVDA)-backed company and current shareholders are marketing the shares for $47 to $55 each, according to its filing on Thursday with the US Securities and Exchange Commission. The company is selling about 47 million of the shares while existing stockholders are offering the remaining 1.8 million.
At the top of that range, CoreWeave would have a market value of $26 billion based on the outstanding shares listed in the filing. The listing could value CoreWeave at as much as $32 billion on a fully diluted basis, according to Bloomberg calculations.
None of CoreWeave’s founders are planning to sell stock in the IPO. Both the offering size and the targeted valuation are smaller than investors and bankers were anticipating before the broader stock market slumped and volatility dented optimism. CoreWeave was looking to raise about $4 billion from the listing and was expected to target a valuation greater than $35 billion, Bloomberg reported last month.
The company could increase both the marketed range and the size of the offering based on investor reception.
CoreWeave had revenue of $1.9 billion in 2024, resulting in a net loss of $863 million, versus revenue of $229 million and a net loss of $594 million in the previous year, according to previous filings.
About 77% of CoreWeave’s revenue came from its top two customers in 2024, one of which was Microsoft Corp., which accounted for nearly two thirds of overall sales, the filings show.
CoreWeave has sealed two sizable deals ahead of its listing, including a pact to deliver AI infrastructure to OpenAI Inc. for up to $11.9 billion, according to a statement. The startup will receive $350 million worth of CoreWeave stock.
The Livingston, New Jersey-based company has also agreed to acquire AI developer platform Weights & Biases for about 1 million shares of Class A CoreWeave shares, the filings show. That deal is expected to close in the first half of 2025, according to a statement.
CoreWeave, led by co-founder and Chief Executive Officer Michael Intrator, was started in 2017 as a crypto mining firm. Along with Nvidia, the firm counts Magnetar Capital, Coatue Management, Jane Street, JPMorgan Asset Management, Fidelity and Lykos Global Management among its investors.
