CoreWeave targets $2.7B IPO amid soaring AI cloud demand
CoreWeave has filed for a public offering, aiming to raise up to $2.7 billion and secure a valuation as high as $26 billion on the Nasdaq under the ticker CRWV.
Elena Whitmore 
High valuation goal with share price set between $47 and $55
CoreWeave, a cloud infrastructure provider focused on artificial intelligence workloads, officially filed to go public on Nasdaq, with plans to offer 49 million shares priced between $47 and $55 each. At the upper end, the IPO would value the company at $26 billion. This is a revision from earlier fundraising ambitions, as Bloomberg previously reported that the company sought up to $4 billion at a $35 billion valuation.
The New Jersey-based firm has gained attention in the cloud space by offering infrastructure specifically optimized for AI training and inference tasks. It operates 32 data centers globally and manages more than 250,000 Nvidia GPUs, including the powerful Blackwell B200 model, which is still not widely available through other providers.
Custom platform and software tools enhance AI efficiency
Unlike general-purpose cloud platforms, CoreWeave focuses on performance for specialized tasks such as training large language models and rendering. According to its IPO filing, training Llama 3.1 on its platform requires “3.1 million fewer graphics card hours” than an unnamed rival service.
The company has also built a suite of proprietary software tools designed to streamline cloud-based AI operations. One such tool, known as SUNK, allows enterprises to run Slurm (commonly used for AI model training) directly on Kubernetes, eliminating the need for two separate server clusters. This consolidation aims to reduce complexity and improve resource utilization for clients.
Microsoft leads among major clients amid rapid growth
CoreWeave’s specialized services have attracted large technology clients, including OpenAI, Meta Platforms Inc., IBM Corp., and Microsoft Corp.. According to the filing, Microsoft alone was responsible for 62% of the company’s $1.9 billion revenue in 2024.
Revenue has surged in recent years, with growth of 1,346% in 2023 and 737% in 2024, driven in part by increased demand following the rise of ChatGPT. However, the company continues to operate at a loss, reporting a net loss of $594 million last year—matching its 2023 losses—despite the revenue spike.
Future focus: global expansion and data center ownership
To sustain momentum, CoreWeave is looking beyond its current markets. The company disclosed its intention to increase its international footprint and introduce sector-specific offerings, especially for industries like banking, where AI integration is gaining traction. “Although it is early, we have already started to see strong interest from such industries,” the company noted.
Another strategic shift could involve greater ownership of its physical infrastructure. Currently, the company leases most of its data centers. The filing indicates CoreWeave “may make investments” to take ownership stakes, which could reduce construction costs and offer better control over deployment timelines.
CoreWeave is expected to trade on the Nasdaq under the ticker symbol CRWV, joining a wave of AI-focused firms seeking to capitalize on investor interest in the fast-growing sector.
