CoreWeave, a cloud computing company that provides Nvidia processors to companies such as Meta and Microsoft, is set to go public on the Nasdaq exchange. The company’s IPO prospectus reveals revenue of $1.92 billion in 2024, a staggering increase of over 700% from the previous year.
Microsoft, which accounted for 62% of CoreWeave’s revenue, has been working closely with the company to meet growing demand for its GPU cloud leasing service. However, Microsoft also competes with CoreWeave as a provider of cloud computing services.
CoreWeave’s CEO, Michael Intrator, had previously written about the challenges faced by businesses trying to scale their operations due to limited compute options from legacy cloud providers. The company has over $15 billion in outstanding contracts that have yet to be fulfilled.
In its final filing before going public, CoreWeave mentioned concerns about military conflicts involving China and Taiwan affecting its GPU supply chain. Despite this, the company is confident about its prospects as demand for AI infrastructure continues to grow.
Morgan Stanley is leading the IPO process, while JPMorgan Chase and Goldman Sachs are also involved. The market has seen a historically slow stretch of tech IPOs in recent times, with only a few notable exceptions.
Source: https://www.cnbc.com/2025/03/03/ai-cloud-provider-coreweave-files-for-ipo.html