CoreWeave Targets $26 Billion Valuation in Upcoming IPO

The Nvidia-backed AI infrastructure provider plans to price shares between $47 and $55, aiming to raise up to $2.7 billion as it prepares to trade under the Nasdaq ticker 'CRWV.'

CoreWeave reported $1.92 billion in 2024 revenue, a sharp increase from $228.9 million in 2023, but its net loss widened to $863.4 million.
Approximately two-thirds of CoreWeave's revenue came from Microsoft, highlighting its dependence on a single major client.
The company recently secured a five-year, $11.9 billion contract with OpenAI, which will also receive $350 million in shares through a private placement at the IPO.
CoreWeave's IPO, led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs, is seen as a test of investor confidence in AI-focused companies and the broader IPO market.
Founded in 2017, CoreWeave has transitioned from crypto mining to providing AI infrastructure, serving major clients like Microsoft, Meta, and IBM.