CoreWeave, Inc.(CRWV Proposed), an AI cloud platform company, unveiled the terms for its long-awaited IPO – 49 million shares at a price range of $47.00 to $55.00 to raise $2.5 billion – in an S-1/A filing early today – Thursday, March 20, 2025. It may not be a coincidence that CoreWeave’s filing comes on the first day of spring. CoreWeave’s IPO will be the biggest deal of the year so far. This is a NASDAQ listing.
Bankers plan to price CoreWeave’s IPO next week. (Please see our IPO Calendar for the pricing date.)
Morgan Stanley, J.P. Morgan and Goldman Sachs are the joint lead book-runners. The book-running team includes Barclays, Citigroup, MUFG (Mitsubishi UFJ Financial Group), Deutsche Bank Securities, Jefferies, Mizuho, Wells Fargo Securities and BofA Securities.
NVIDIA Corp., a pioneer of GPU-driven computing, is among CoreWeave’s principal shareholders – with a 6 percent stake before the IPO, the prospectus said. Hedge fund manager Magnetar Financial holds a 34.5 percent pre-IPO stake. Fidelity-affiliated entities own a 7.56 percent pre-IPO stake.
CoreWeave describes itself as “the AI Hyperscaler driving the AI revolution,” according to the prospectus. “CoreWeave powers the creation and delivery of the intelligence that drives innovation.”
Livingston, N.J.-based CoreWeave 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. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe — our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), and NVIDIA Corporation (“NVIDIA”),” according to the prospectus.
Microsoft was CoreWeave’s largest customer for the years that ended Dec. 31, 2023, and Dec. 31, 2024, the prospectus said.
CoreWeave’s revenue has grown dramatically in the past three years.
“Our business has grown rapidly since our inception. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346 percent and 737 percent, respectively,” CoreWeave said in the prospectus.
CoreWeave said it had “continued to invest in growing our business to capitalize on our market opportunity” in the years 2022 through 2024.
“ As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively,” the company said in the prospectus.
For the record: CoreWeave reported a net loss of $863.45 million on revenue of about $1.92 billion for the year that ended Dec. 31, 2024.
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