CoreWeave, which provides cloud-based computing services for AI workloads, filed on Monday with the SEC to raise up to an estimated $3.5 billion in an initial public offering.
The company rents out cloud-based computing hardware for enterprises, with a particular focus on AI. It claims its CoreWeave Cloud Platform is purpose-built for AI applications, and offers a uniquely efficient solution AI model training. At the end of 2024, the company boasted 32 data centers running more than 250,000 GPUs. CoreWeave counts Cohere, IBM, Meta, Microsoft, Mistral, and NVIDIA among its customers.
The Livingston, NJ-based company was founded in 2017 and plans to list on the Nasdaq under the symbol CRWV. CoreWeave filed confidentially on December 16, 2024. It had been on our Private Company Watchlist since May 2024. Morgan Stanley, J.P. Morgan, Goldman Sachs, Barclays, Citi, Mitsubishi UFJ, Deutsche Bank, Jefferies, Mizuho Securities, Wells Fargo Securities, and BofA Securities are the joint bookrunners on the deal. No pricing terms were disclosed.
