CoreWeave, which provides cloud computing services with data centers optimized for AI workloads, announced terms for its IPO on Thursday.
The Livingston, NJ-based company plans to raise $2.5 billion by offering 49 million shares (4% secondary) at a price range of $47 to $55. At the midpoint of the proposed range, CoreWeave would command a fully diluted market value of $29.1 billion.
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.
CoreWeave was founded in 2017 and booked $1.9 billion in revenue for the 12 months ended December 31, 2024. It plans to list on the Nasdaq under the symbol CRWV. Morgan Stanley, J.P. Morgan, Goldman Sachs, Barclays, Citi, MUFG Securities America, Deutsche Bank, Jefferies, Mizuho Securities, Wells Fargo Securities, and BofA Securities are the joint bookrunners on the deal. It is expected to price during the week of March 24, 2025.
