CoreWeave Prepares $2.7 Billion IPO Targeting $26 Billion Valuation

The Nvidia-backed AI infrastructure provider secures a $11.9 billion OpenAI contract, offsetting Microsoft's reduced expansion plans.

CoreWeave plans to sell 49 million shares at $47 to $55 each, aiming to raise up to $2.7 billion in its Nasdaq IPO under the ticker 'CRWV.'
The company has secured a five-year $11.9 billion contract with OpenAI, which will also acquire $350 million in CoreWeave shares through a private placement.
CoreWeave's 2024 revenue surged over 700% to $1.92 billion, though its net loss widened to $863.4 million, with Microsoft accounting for nearly two-thirds of its revenue.
The IPO valuation target was reduced from $35 billion to $26 billion due to broader market volatility, reflecting a cautious investor environment.
The offering is viewed as a critical test for the AI sector and the U.S. IPO market, which has struggled to recover after a prolonged downturn.