CoreWeave Files For IPO As Revenue Surges
CoreWeave, provider of a fast-growing cloud platform for managing AI infrastructure at scale, filed for its long-awaited Nasdaq IPO on Monday.
The filing follows a period of sharp growth for the 8-year-old, Livingston, New Jersey-based company, which posted revenue of $1.9 billion in 2024 — up an astonishing 737% from the prior year.
Those gains come with widening losses as well. Last year, CoreWeave posted an $863 million net loss, up 45% year over year. The company attributes the losses to its decision to invest in growing its business to capitalize on ever-larger market opportunities.
CoreWeave did not say how much it plans to raise in the offering. Multiple news outlets, however, have speculated that it will seek to raise around $4 billion, at a valuation of around $35 billion.
The impending IPO is poised to break a protracted dry spell for public offerings of hot U.S. unicorns. The pace of market debuts for venture-backed tech companies was sluggish in 2024. And while there’s been plenty of buzz about a potential pickup this year, CoreWeave’s filing is the first real sign of life.
As a private company, CoreWeave has been a prodigious fundraiser. It’s landed $1.57 billion in known equity funding, along with over $10 billion in debt financing, per Crunchbase data Most recently, the company carried out a $650 million November secondary transaction.
Evanston, Illinois-based asset manager and structured credit investor Magnetar Capital is CoreWeave’s largest stakeholder, with 34.5% of outstanding Class A shares. Other large stakeholders include Fidelity (7.6%) and Nvidia (6%).
Looking ahead, it appears CoreWeave can count on robust revenue for some time to come. The company said it has $15.1 billion in remaining “performance obligations” as of the end of last year, with the average contract a four-year duration. Customers include top-tier names in tech and AI, such as Microsoft, IBM, Meta, Mistral AI and Nvidia.
CoreWeave plans to trade under the ticker symbol CRWV, with JP Morgan, Morgan Stanley and Goldman Sachs serving as lead underwriters.
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Illustration: Dom Guzman
