- CoreWeave has filed for an IPO with expectations to raise $4 billion at a $35+ billion valuation.
- The AI firm reported $1.9 billion in revenue for 2024 with an $863 million net loss due to AI investments.
- The company is collaborating with Core Scientific to build 500MW of infrastructure for AI-related purposes.
AI infrastructure provider CoreWeave has officially initiated its initial public offering (IPO) process, aiming to secure $4 billion in funding at a valuation exceeding $35 billion. The company, which maintains a close partnership with Bitcoin mining operation Core Scientific (CORZ), made its filing public today amid surging demand for Artificial Intelligence infrastructure.
Financial disclosures in today’s filing revealed CoreWeave generated $1.9 billion in revenue during 2024. However, the company posted a substantial net loss of $863 million, primarily attributed to its aggressive AI infrastructure investments. The filing also indicated CoreWeave currently carries a $1.5 billion accumulated deficit.
The relationship between CoreWeave and Core Scientific has evolved significantly over time. Previously, Core Scientific served as CoreWeave’s primary GPU supplier when the latter was still engaged in Ethereum mining. Now, CoreWeave has enlisted Core Scientific’s expertise to develop 500 megawatts of specialized infrastructure dedicated to AI processing capabilities.
This IPO comes at a strategic moment as artificial intelligence adoption accelerates across both consumer and enterprise sectors. According to data cited by CoreWeave, the AI industry is projected to generate a cumulative global economic impact of $20 trillion—representing approximately 3.5% of worldwide GDP—by 2030, based on IDC research.
The market has responded positively to this development, with Core Scientific shares climbing 3.5% in post-market trading following the announcement.
Read more: Bitcoin Miners Are Pivoting to AI to Survive. Core Scientific Entered the Race Years Ago
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