Revenue for Nvidia-backed CoreWeave skyrocketed over eight times in 2024, as revealed in its U.S. IPO documentation released on Monday. The startup is moving forward with New York's first major artificial intelligence listing this year.
The anticipated IPO could become one of the biggest in recent years, signaling an active market post the usual February lull. Roseland-based CoreWeave plans to raise over $3 billion from the share sale, aiming for a valuation exceeding $35 billion, according to Reuters.
Established in 2017, CoreWeave offers access to data centers and high-powered chips for AI tasks, challenging cloud giants like Microsoft Azure and Amazon AWS. The company's clients include hedge fund Jane Street, along with tech leaders Meta, IBM, and Microsoft.
In 2024, CoreWeave's revenue surged to $1.92 billion from $228.9 million in the preceding year. Conversely, its net loss widened to $863.4 million from $593.7 million in 2023.
Industry experts foresee a significant impact from CoreWeave's IPO. Matt Kennedy from Renaissance Capital expressed, "We've been waiting for a tech company like this to break the ice."
Having secured over $14.5 billion in financing across 12 rounds, including a massive $7 billion private debt round in May, CoreWeave is set to debut on the Nasdaq under the symbol "CRWV." Major underwriters for the offering include Morgan Stanley, J.P. Morgan, and Goldman Sachs.
CoreWeave’s IPO is anticipated to pave the way for other AI companies, potentially boosting the sector's listing activity.