CoreWeave, the artificial intelligence startup backed by Nvidia, plans to ask investors to pay between $47 and $55 per share when it begins marketing its initial public offering this week. This price range, which has not been previously reported, could result in an offering between $2.3 billion and $2.7 billion, according to sources familiar with the matter who spoke on condition of anonymity due to the confidential nature of the discussions.
If investor demand proves robust, CoreWeave may increase this price range prior to the IPO pricing, the sources noted.
Founded in 2017, CoreWeave offers access to data centers and high-powered chips for AI workloads, primarily supplied by Nvidia. The company competes with major cloud providers like Microsoft's Azure and Amazon's AWS, serving large tech clients including Meta, IBM, and Microsoft.
In its IPO filing earlier in March, CoreWeave reported revenue of $1.92 billion for 2024, a significant increase from $228.9 million the previous year. Its net loss widened to $863.4 million during the same period, up from $593.7 million in 2023, with approximately two-thirds of revenue generated from Microsoft.
Morgan Stanley, JPMorgan Chase, and Goldman Sachs are the lead underwriters for CoreWeave's stock market flotation, with shares expected to trade on the Nasdaq under the symbol CRWV.