March 20, 2025 – CoreWeave, a cloud services provider backed by Nvidia, is aiming for a valuation of up to $32 billion in its upcoming U.S. initial public offering (IPO), seeking to capitalize on the growing demand for generative artificial intelligence (AI).

The company plans to offer 49 million shares priced between $47 and $55 each, potentially raising up to $2.7 billion. This IPO is anticipated to be a significant indicator of investor interest in AI-focused enterprises and could signal a revival in the U.S. IPO market.

Established in 2017, CoreWeave specializes in providing access to data centers and high-powered chips optimized for AI workloads, primarily supplied by Nvidia. The company competes with major cloud providers like Microsoft’s Azure and Amazon’s AWS, serving prominent clients such as Meta, IBM, and Microsoft.

In 2024, CoreWeave reported a substantial revenue increase to $1.92 billion, up from $228.9 million in 2023. However, its net loss also widened to $863.4 million during the same period. Notably, approximately two-thirds of its revenue came from Microsoft.

Ahead of the IPO, CoreWeave secured an $11.9 billion infrastructure contract with OpenAI, the creator of ChatGPT. As part of this agreement, CoreWeave will issue $350 million worth of shares to OpenAI through a private placement during the IPO.

Nvidia currently holds a 5.96% stake in CoreWeave’s Class A shares, which is expected to decrease to 5.05% following the offering.

The IPO is being managed by major financial institutions, including Morgan Stanley, JPMorgan Chase, and Goldman Sachs. CoreWeave’s shares are set to trade on the Nasdaq under the symbol “CRWV.”

This IPO will serve as a crucial test of investor appetite for companies riding the AI wave and could play a pivotal role in rejuvenating the IPO market.