CoreWeave, Inc. (CRWV Proposed), an NVIDIA-backed AI platform company that runs 32 data centers, is the big name on this week’s IPO Calendar. Livingston, N.J.-based CoreWeave’s IPO totals 49.0 million shares – with 47.18 million shares offered by CoreWeave and 1.82 million shares offered by the selling stockholders – at a price range of $47.00 to $55.00 to raise $2.5 billion – if priced at the $51.00 mid-point of the range. Under those terms, CoreWeave would have a market cap of $24.1 billion.
Morgan Stanley, J.P. Morgan and Goldman Sachs are the joint lead book-runners. The book-running team includes another eight investment banks. The co-managers’ lineup consists of another seven investment banks.
CoreWeave – the largest IPO of the year so far – tops this week’s IPO Calendar of $2.6 billion in deals with pricing dates – and another IPO that may price sometime this week.
This week’s IPOs include Epsium Enterprise (EPSM), a Macau-based liquor importer and wholesaler, with D. Boral Capital as the sole book-runner; WF International (WXM), the parent of a Chinese HVAC company, with The Benchmark Company and Axiom as joint book-runners; WF Holding Ltd. (WFF), the parent of a Malaysian manufacturer of fiberglass reinforced plastic (FRP) products such as tanks, ducting and air pollution equipment, with Dominari Securities and Revere Securities as the joint book-runners, and UY Scuti Acquisition (UYSCU), a SPAC IPO, with the Maxim Group as the sole book-runner. A NASDAQ direct listing by a brain cancer-focused biotech, NeOnc Technologies Holdings Inc. (NTHI), is also in the lineup. Another small IPO, LogProStyle (LGPS), a Japanese real estate company, was priced Monday night, March 24, 2025, for trading Tuesday, March 25; Spartan Capital was the sole book-runner for LogProStyle’s deal – an NYSE – American Exchange listing.
CoreWeave, NVIDIA and OpenAI
Founded in 2017, CoreWeave, Inc. launched its CoreWeave Cloud Platform in 2020. The company said its “CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale.”
As of Dec. 31, 2024, “our 32 data centers were running more than 250,000 GPUs in total, and were supported by more than 360 MW of active power. Our total contracted power extends to approximately 1.3 GW as of December 31, 2024, which we expect to roll out over the coming years.”
NVIDIA Corp., a pioneer of GPU-driven computing, is both a CoreWeave customer and a principal shareholder. NVIDIA has a 6 percent pre-IPO stake in CoreWeave.
Other principal shareholders include Magnetar Financial, a hedge fund manager, with a 34.5 percent pre-IPO stake, and entities affiliated with Fidelity, with a 7.56 percent pre-IPO stake, the prospectus said.
CoreWeave announced on March 10, 2025, that it had signed an $11.9 billion contract with OpenAI – covering a five-year period – to provide OpenAI with AI infrastructure, as Reuters had previously reported exclusively.
In the prospectus, CoreWeave said that immediately after the IPO’s closing, it “will issue to OpenAI, in accordance with the terms of our master services agreement with OpenAI and pursuant to a stock issuance agreement with OpenAI, a number of shares of our Class A common stock equal to $350.0 million valued at a price per share equal to the initial public offering price.”
CoreWeave is not profitable, according to financial statements in the prospectus. For the year that ended Dec. 31, 2024, CoreWeave reported a net loss of $863.45 million on revenue of about $1.92 billion.
(For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com website.)
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