Catenaa, Thursday, March 13, 2025- OpenAI has secured a five-year, $11.9 billion contract with CoreWeave to provide AI infrastructure for training its models. The deal, announced on Monday, includes $350 million in CoreWeave stock, linked to the cloud computing provider’s upcoming IPO.
According to OpenAI CEO Sam Altman, the agreement addresses the need for “reliable compute” to support the company’s growing demand for AI resources. The partnership complements OpenAI’s existing commercial deals with Microsoft and Oracle, and is expected to strengthen its collaboration with Softbank on the Project Stargate initiative.
The timing of the deal is significant for both companies. For OpenAI, it diversifies its computing infrastructure beyond its primary partner, Microsoft. For CoreWeave, it marks a critical moment as the company prepares for a public offering expected in 2025. CoreWeave aims to raise $4 billion and is valued at $35 billion, despite reporting an $863.4 million net loss in fiscal 2024, even after generating $1.92 billion in revenue—a 737% increase from 2023.
Founded in 2017 as a crypto mining operation, CoreWeave pivoted to AI infrastructure in 2019. It now boasts a fleet of 250,000 Nvidia GPUs and stands as one of the semiconductor giant’s largest customers. CoreWeave’s IPO is expected to be a high-profile event, with Morgan Stanley, JPMorgan Chase, and Goldman Sachs leading the offering.
