CoreWeave Files for IPO

CoreWeave, an AI company closely partnered with bitcoin miner Core Scientific (CORZ), has filed for an initial public offering (IPO).

The firm is projected to raise $4 billion, with a valuation exceeding $35 billion.

In the filing, CoreWeave reported revenues of $1.9 billion for 2024, despite incurring a net loss of $863 million due to AI investments. The company holds an accumulated deficit of $1.5 billion.

CoreWeave is collaborating with Core Scientific to develop 500 megawatts (MW) of AI infrastructure. Core Scientific had previously been CoreWeave’s main GPU supplier during its ether mining phase.

The IPO filing reflects a surge in AI demand among both retail users and large institutions. CoreWeave anticipates the AI industry will yield a cumulative global economic impact of $20 trillion, equating to 3.5% of global GDP, by 2030, according to IDC.

Following the news, shares of CORZ rose by 3.5% in post-market trading.