From OpenAI receiving $350 million worth of stock to CoreWeave’s expected $26 billion market valuation, here’s what to know about CoreWeave’s upcoming initial public offering.
Cloud AI startup CoreWeave is seeking to raise up to $2.7 billion through an initial public offering (IPO) which would give the company a market value of $26 billion, with Microsoft and OpenAI playing big roles.
The Nvidia-backed GPU and AI infrastructure provider is marketing its shares for between $47 per share to $55 per share, according to CoreWeave’s filing with the U.S. Securities and Exchange Commission.
“We estimate that the net proceeds from the sale of shares of our Class A common stock in this offering will be approximately $2.3 billion—or approximately $2.7 billion if the underwriters’ over-allotment option is exercised in full—based upon the assumed IPO [midpoint] price of $51 per share,” said CoreWeave in its Thursday filing.
CoreWeave CEO and co-founder Michael Intrator is expected to hold about 2 percent of the Class A Shares and about half of Class B shares after the IPO—giving the CEO about 37 percent of the shareholder voting power, according to the SEC filing.
[Related: Nvidia Buys Synthetic Data Startup Gretel To Boost AI, LLMs]
Livingston, N.J.-based CoreWeave plans to offer a total of 48 million shares, which are expected to begin trading soon on the Nasdaq exchange under the symbol ‘CRWV’.
OpenAI Gets $350 Million In CoreWeave Shares; Microsoft A Big Part Of CoreWeave IPO
Approximately 77 percent of CoreWeave’s revenue came from its top two customers in 2024, one of which was Microsoft, according to the filings.
Microsoft accounted for 62 percent of CoreWeave’s overall sales, the filing said.
In February 2023, CoreWeave and Microsoft signed a Master Services Agreement in which CoreWeave provides Microsoft access to its infrastructure and platform services.
“Microsoft will represent less than 50 percent of our expected future committed contract revenues when combining our RPO balance of $15.1 billion as of December 31, 2024 and up to $11.55 billion of future revenue from our recently signed Master Services Agreement with OpenAI,” said CoreWeave in the filing.
CoreWeave has finalized two large deals ahead of its stock listing, including a partnership to deliver AI infrastructure to OpenAI for up to $11.9 billion.
Microsoft-backed OpenAI will receive $350 million worth of CoreWeave stock, the filing said.
None of CoreWeave’s founders are planning to sell stock in the IPO.
CoreWeave By The Numbers
In 2024, CoreWeave generated approximately $1.9 billion in revenue, up 737 percent compared to 2023, according to the SEC filing.
The company reported a net loss of $863 million in 2024. As of May 2024, the company had around 550 employees with a total of 32 data centers.
Founded in 2017, CoreWeave delivers a cloud platform of top-notch software and infrastructure that is helping to power the next wave of AI.
CoreWeave provides access to data centers and GPUs for AI workloads, mainly supplied by Nvidia.
Along with Nvidia, CoreWeave investors include Cisco, JPMorgan Asset Management, Fidelity and Pure Storage.
CoreWeave At Nvidia GTC 2025
This week at Nvidia GTC 2025, CoreWeave CEO Intrator touted the introduction of new CoreWeave compute instances featuring Nvidia’s upcoming RTX PRO 6000 GPUs.
“CoreWeave has had a proven track record in bringing the latest Nvidia GPU-based instances to market before others, as we were the first to offer Nvidia H100 and H200 GPUs and the first cloud provider to make Nvidia GB200 NVL72-based instances generally available,” said Intrator on LinkedIn this week.
CoreWeave was an early adopter of Nvidia’s GPUs for data centers, getting ahead of a wave of demand for processors to run AI applications.
Market Momentum In March
This month, CoreWeave installed its first Norway data center in partnership with Bulk Infrastructure Group to deploy one of the first and largest Nvidia GB200 clusters at Bulk’s data center.
“This milestone is a key step in our European expansion efforts we outlined last June, where we committed to investing $2.2 billion to grow our presence in Sweden, Norway, and Spain by opening new data centers across continental Europe before the end of 2025,” said Intrator. “We’re following through on this commitment as we expand AI infrastructure that will help shape the future globally.”
OpenAI also selected CoreWeave this month to deliver AI infrastructure.
“AI is transforming the world, but it requires an entirely new kind of cloud—one built for scale, speed, and efficiency. CoreWeave was purpose-built for this moment,” said Intrator. “This [OpenAI] partnership is a testament to our ability to consistently deliver the latest AI infrastructure on ambitious timelines with superior performance at scale.”
OpenAI’s CEO Sam Altman this week said CoreWeave’s computing power led to the creation of “some of the models that we’re best known for.”
“CoreWeave figured out how to innovate on hardware, to innovate on data center construction, and to deliver results very, very quickly,” said Altman in a statement.
