CoreWeave Files for $4B IPO, Targets $35B Valuation Amid AI Boom

AI firm CoreWeave has filed for an initial public offering (IPO), citing $1.9 billion in revenue for 2024. The company, which is closely partnered with bitcoin miner Core Scientific (CORZ), aims to raise $4 billion and achieve a valuation of over $35 billion.

The filing revealed that CoreWeave's revenue was accompanied by a net loss of $863 million, primarily due to its investments in AI-related projects. The company currently has an accumulated deficit of $1.5 billion. CoreWeave has enlisted the help of Core Scientific to build 500 megawatts (MW) of infrastructure for AI purposes.

The move by CoreWeave comes as demand for AI has surged, with adoption ranging from small retail users to large institutions. The company cited a report from IDC, which predicts that the AI industry will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030.

CoreWeave's filing for an IPO highlights the growing interest in AI and the potential for the technology to drive significant economic growth. As demand for AI continues to rise, companies like CoreWeave are well-positioned to capitalize on the trend and generate substantial returns for investors.