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AI Firm CoreWeave Files for IPO, Citing $1.9B in Revenue
The company is expected to raise $4 billion at a $35 billion valuation.
What to know:
- AI firm CoreWeave filed for an IPO, aiming to raise $4 billion with a $35 billion valuation.
- CoreWeave reported $1.9 billion in revenue in 2024 and a net loss of $863 million due to AI investments.
- The company is building 500MW of AI infrastructure with Core Scientific, its former GPU supplier.
CoreWeave, an AI firm in close partnership with bitcoin miner Core Scientific (CORZ), filed for an initial public offering (IPO) today.
The company is expected to raise $4 billion, with a valuation of more than $35 billion.
STORY CONTINUES BELOW
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Today's filing showed the company had seen $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to the firm's AI-related investments. The company currently carries an accumulated deficit of $1.5 billion.
CoreWeave has enlisted Core Scientific's assistance to build 500 megawatts (MW) of infrastructure for AI-related purposes. The latter company used to be CoreWeave's biggest GPU supplier when the former was still mining ether.
The move comes as demand for AI has spiked significantly amid the adoption of the tech from small retail users to large institutions. CoreWeave said that the AI industry will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030, according to IDC.
The shares of CORZ are up 3.5% post-market trading.
Read more: Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago
Tom Carreras
Tom writes about markets, bitcoin mining and crypto adoption in Latin America. He has a bachelor's degree in English literature from McGill University, and can usually be found in Costa Rica. He holds BTC above CoinDesk's disclosure threshold of $1,000. Updated version of the bio, does it translate?
