CoreWeave was founded in 2017 as a crypto mining firm but now offers access to GPUs for AI applications.
GPU cloud provider CoreWeave has selected Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. to lead its initial public offering (IPO).
As reported by Bloomberg, the company is planning to go public in 2025, citing people “familiar with the matter.”
According to the sources, preparations are currently underway, and more banks could yet be added to the IPO. DCD has reached out to the relevant companies for comment.
Rumours that CoreWeave might be exploring an IPO have been ongoing since May 2024, amidst a series of financing rounds. In 2023, the company raised $2.3 billion in debt financing from Magnetar, Blackstone, BlackRock, DigitalBridge, Coatue, PIMCO, and Carlyle.
So far this year CoreWeave has seen a $1.1 billion equity funding round in May, shortly followed by $7.5 billion in private debt financing with Blackstone and Magnetar as co-lead investors, with Coatue Management, Carlyle Group, CDPQ, DigitalBridge, BlackRock, Eldridge Industries, and Great Elm Capital also taking part.
In October, the company closed a $650 million financial deal led by Goldman Sachs, JPMorgan, and Morgan Stanley. According to CoreWeave, its total raised via debt and equity investors over the last 18 months was $12.7 billion.
There have also been recent reports that Cisco Systems was investing in CoreWeave and valued the AI cloud provider at $23 billion, up from $19.1 billion in May 2024 and $7 billion in December 2023, and Microsoft is set to invest as much as $10 billion in the company by the end of the decade.
CoreWeave was founded in 2017 as a crypto mining firm but now offers access to GPUs for AI applications. The company has plans to open 28 data centres globally by the end of 2024, and 10 more in 2025.
