CoreWeave, a cloud computing company backed by Nvidia, filed paperwork for an initial public offering (IPO) this week, marking the first tech IPO of 2025. The move comes as investors eagerly await a long-awaited wave of tech IPOs after years of drought.
The filing revealed some significant concerns about the company’s financial health, including substantial revenue tied to just two customers, Microsoft and another unspecified company, which account for 77% of its $1.9 billion in revenue in 2024. Net losses have also ballooned, reaching $863 million in 2024.
Despite these challenges, CoreWeave boasts an impressive array of resources, including 250,000 GPUs distributed across 32 datacenters and a valuation of $35 billion. The company’s CEO, Michael Intrator, likened their AI-focused cloud offering to a “sleek Maserati car,” claiming it is the most effective solution for customers.
However, investors will be watching closely as CoreWeave navigates regulatory hurdles, including material weaknesses in its internal financial reporting and IT systems. The company has raised $12.9 billion in asset-backed debt through 2024 and plans to use the IPO to raise an additional $4 billion.
As the first tech IPO of Trump’s second term, this offering marks a significant turning point for investors seeking liquidity from venture capital firms. With the AI boom still in its early stages, CoreWeave’s listing on Nasdaq under the ticker “CRWV” will be closely watched as a test of investor appetite for AI.
Source: https://finance.yahoo.com/news/ai-startup-coreweave-files-2025-030641690.html