CoreWeave, which provides cloud computing services with data centers optimized for AI workloads, raised $1.5 billion by offering 37.5 million shares (2% secondary) at $40, below the range of $47 to $55. The company offered 11.5 million fewer shares than originally planned. The company also issued $350 million worth of shares to OpenAI, pursuant to a master service agreement. NVIDIA reportedly anchored the deal by buying $250 million of the 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.
CoreWeave 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 acted as joint bookrunners on the deal.
