CoreWeave, is eyeing a major milestone as it plans to go public in the U.S. within the next week, according to sources close to the company.
The company is targeting a valuation of $35 billion and hopes to raise over $4 billion through its initial public offering (IPO).
Subscribe today for free
Bloomberg reports that CoreWeave has already held meetings with investors this week to gauge their interest in the potential IPO filing. However, the response to these discussions remains uncertain.
Microsoft is one of CoreWeave's largest clients and is expected to invest $10 billion in CoreWeave over the coming years, however the reported data centre lease cancellations earlier this week could have an impact on investor sentiment.
Despite this, CoreWeave continues to strengthen its position in the market, having announced earlier this month a significant expansion of its partnership with AI firm Core Scientific. This new agreement is expected to bring in $1.2 billion in contracted revenue and will increase Core Scientific’s capacity at its Denton, Texas facility to approximately 260 MW of critical IT load. This expansion brings CoreWeave's total contracted HPC infrastructure with Core Scientific to around 590 MW across six locations.
"We are thrilled to deepen our relationship with CoreWeave as we continue developing large-scale HPC projects," said Adam Sullivan, CEO of Core Scientific. "By expanding our capacity in Denton, we’re building one of the largest GPU supercomputers in North America, reinforcing our leadership in high-density digital infrastructure."
As part of the deal, Core Scientific will be responsible for $104 million of the capital expenditure, with CoreWeave covering the remaining costs. The agreement also includes two optional five-year renewal terms, signaling a long-term commitment to expanding AI and low-latency workload capabilities.
Originally founded as a cryptocurrency mining company, CoreWeave has evolved into a key player in the high-performance computing space, largely due to its early adoption of Nvidia's graphics processing units (GPUs).
RELATED STORIES
