CoreWeave, a cloud services provider specializing in GPU-accelerated infrastructure for artificial intelligence (AI) applications, has filed an S-1 registration statement with the U.S. Securities and Exchange Commission, signaling its intent to go public.
The filing reveals a remarkable revenue growth from $16 million in 2022 to $1.9 billion in 2024, driven by the escalating demand for AI computing resources. Founded in 2017, CoreWeave transitioned from cryptocurrency mining to focusing on AI workloads, leveraging its extensive inventory of NVIDIA GPUs. Microsoft emerges as a significant client, accounting for 62% of CoreWeave’s revenue, highlighting both a lucrative partnership and a potential risk due to revenue concentration.
Despite impressive revenue gains, the company reported a net loss of $863 million in 2024, attributed to substantial investments in infrastructure and rapid expansion. CoreWeave operates 32 data centers across the United States and Europe, equipped with over 250,000 GPUs, underscoring its capacity to support large-scale AI applications.
The company’s strategic partnerships, including a 6% stake held by NVIDIA, position it favorably within the AI ecosystem. However, challenges such as supply chain dependencies and competition from established cloud providers like Amazon Web Services and Google Cloud present ongoing considerations.
The anticipated initial public offering (IPO), potentially raising $4 billion and valuing CoreWeave at $35 billion, is poised to be a significant event in the tech industry, reflecting investor confidence in the burgeoning AI infrastructure sector.