Catenaa, Friday, March 07, 2025- CoreWeave, the New Jersey-based AI cloud provider, has filed for its Initial Public Offering (IPO), marking a major milestone in the tech industry.
The company, which transitioned from crypto mining to AI infrastructure six years ago, submitted its S-1 registration filing to the U.S. Securities and Exchange Commission (SEC) on Monday.
Morgan Stanley, Goldman Sachs, and JPMorgan are acting as lead underwriters for the IPO.
CoreWeave’s financial growth has been remarkable, with the company reporting $1.9 billion in revenue for fiscal 2024, a staggering 737% increase from the previous year.
However, the company also posted a net loss of $863.4 million due to heavy infrastructure investments and interest on nearly $8 billion in debt. Despite the losses, CoreWeave’s recent quarterly earnings showed a positive outlook, with $747.4 million in revenue and a 76% gross margin.
The company’s shift to AI infrastructure positions it to capitalize on the rapidly growing demand for AI tools, particularly following the popularity of OpenAI’s ChatGPT. Yet, concerns linger regarding the potential volatility of the GPU market, which could impact the company’s future earnings.
Founded in 2017 as Atlantic Crypto, CoreWeave has become a key player in the AI infrastructure space, offering scalable cloud computing services to support the burgeoning AI sector.
