CoreWeave, an artificial intelligence (AI) firm, has filed for an initial public offering (IPO), aiming to raise $4 billion with a valuation exceeding $35 billion. The company reported $1.9 billion in revenue for 2024.
The company’s filing indicates a net loss of $863 million, attributed to significant investments in AI-related initiatives. CoreWeave currently has an accumulated deficit of $1.5 billion.
CoreWeave has partnered with Core Scientific, its former GPU supplier, to build 500 megawatts (MW) of AI infrastructure. Demand for AI has surged recently due to adoption by both small retail users and large institutions.
CoreWeave cited an IDC analysis that projects the AI industry will have a cumulative global economic impact of $20 trillion, representing 3.5% of global GDP, by 2030. Shares of Core Scientific (CORZ) increased by 3.5% in post-market trading.
