CoreWeave, a fast-growing provider of cloud computing infrastructure for artificial intelligence (AI) companies, has filed for a public listing on the Nasdaq stock exchange. The New Jersey-based startup’s S-1 filing reveals rapidly growing revenue amid robust demand for its cloud computing infrastructure.

• CoreWeave provides cloud-based graphics processing units (GPUs) to businesses building AI models and applications. GPUs are specialized processors that perform complex mathematical operations to train AI models.

• Since OpenAI’s ChatGPT debuted in late 2022 and kicked off the large language model (LLM) boom, demand for GPUs, particularly Nvidia’s H100 GPUs, has shot through the roof. CoreWeave has privileged access to Nvidia GPUs and rents them to companies training AI models, akin to a major shovel seller in the AI gold rush.

According to its S-1 filing, CoreWeave reported $1.9bn in revenue in 2024, compared to $228 million in 2023 and a measly $16mn in 2022. The company has incurred losses as it spent heavily to prevail in an increasingly competitive market. It reported an $863mn net loss in 2024 and $594mn in 2023.

CoreWeave has recorded impressive growth as demand for its GPUs reached unprecedented heights. However, some risks abound. 77% of CoreWeave’s revenue comes from just two customers, and Microsoft alone accounted for 62%. This situation leaves CoreWeave heavily exposed to Microsoft and indicates a need to diversify its customer base.

CoreWeave also faces increasing competition, and there’s no guarantee that demand for its GPUs will keep growing rapidly. However, it has positioned itself as one of the main beneficiaries of the AI gold rush with an enviable, fast-scaling business.

• New Jersey-based CoreWeave was founded in 2017 as a crypto mining firm and pivoted to renting GPUs in 2019. It experienced stable growth over the next few years until the AI boom ushered in explosive growth in 2023.

• The company was founded by three entrepreneurs; Michael Intrator, Brian Venturo, and Brannin McBee. They hold the positions of Chief executive officer, Chief strategy officer, and Chief development officer, respectively. According to The Information, each founder has sold at least $150mn in shares to private investors who rushed to grab a slice of the AI boom.

• CoreWeave has raised more than $12 billion in equity and debt funding.

CoreWeave is reportedly seeking to sell up to $4bn in shares at a valuation topping $35bn. Some shareholders are positioned to sell shares in the IPO. Per its S-1 filing, CoreWeave intends to list on the Nasdaq with the “CRWV” symbol.

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