CoreWeave, an Nvidia-backed cloud computing startup, is gearing up for a public market debut as early as next week. The company is expected to be valued at over $35bn, positioning it as one of the year’s most notable AI-themed IPOs. In its filing for an initial public offering (IPO), CoreWeave reported that its revenues climbed in 2024 to $1.92bn, an increase of more than 700%. Despite this growth, the company recorded a net loss of $863.4m.
CoreWeave provides cloud-based Nvidia processors to major clients such as Meta and Microsoft, with Redmond contributing 62% of its revenue last year. The company has secured contracts worth over $15bn that remain unfulfilled.
During Q4 2024, CoreWeave achieved $747.4m in revenue and maintained a gross margin of about 76%. Although it posted an operating income of $112.7m, interest expenses led to a net loss of $51.4m. By the end of the year, CoreWeave’s debt was close to $8bn.
The company plans to list its shares on Nasdaq under the ticker “CRWV.” Originally launched as Atlantic Crypto in 2017 to support Ethereum mining operations, CoreWeave rebranded after cryptocurrency prices declined, shifting its focus to graphics rendering and AI technologies.
“We quickly started getting inundated with introductions to businesses dependent upon GPU acceleration with a common pain point: legacy cloud providers make it extremely difficult to scale because they offer a limited variety of compute options at monopolistic prices,” CoreWeave co-founder and CEO Michael Intrator wrote in a blog post in 2021.
CoreWeave prepares Nasdaq debut amid limited tech IPO activity
CoreWeave aims to enter the public market during a period characterised by limited tech IPO activity. ServiceTitan’s December market debut marked one of the few significant venture-backed tech IPOs since Rubrik’s launch in April. Reddit began trading on the New York Stock Exchange just a month prior.
Last year, Cerebras Systems filed an IPO with the US Securities and Exchange Commission (SEC), revealing that its annual revenue tripled in 2023 to $78.7m from $24.6m in 2022. However, its process faced delays due to scrutiny by the Treasury Department’s Committee on Foreign Investment in the US.
CoreWeave gained traction following OpenAI’s release of ChatGPT in late 2022 by rapidly supplying GPUs to businesses in need. In 2023, Microsoft partnered with CoreWeave to meet OpenAI’s demand for computing power through its Azure cloud unit. Besides being CoreWeave’s primary client, Microsoft competes with the firm alongside Amazon, Oracle, Google, and smaller providers like Lambda and Crusoe.
Read more: Nvidia forecasts $43bn in Q1 FY26 revenue as AI demand remains strong
