CoreWeave, a cloud computing company that shifted from cryptocurrency mining to AI, has submitted its S-1 registration for an initial public offering (IPO). The filing, made to the Securities and Exchange Commission (SEC) on Monday, marks a significant step for what could be one of the most notable tech IPOs of 2025. Morgan Stanley, Goldman Sachs, and JPMorgan are listed as the lead underwriters.
While reports previously detailed CoreWeave’s $4 billion fundraising at a valuation exceeding $35 billion, the company’s financial performance is particularly noteworthy. The numbers reveal explosive growth for the cloud computing firm, mirroring the surge in demand for AI infrastructure.
According to the financial data cited in the filing, CoreWeave reported $1.9 billion in revenue for fiscal year 2024. This represents a remarkable 737% increase from 2023. Despite this impressive growth, CoreWeave recorded a net loss of $863.4 million. This loss reflects substantial investment in infrastructure and interest expenses on nearly $8 billion in debt. The company’s most recent quarterly results showed $747.4 million in revenue, with a 76% gross margin and $112.7 million in operating income. CoreWeave also disclosed $15.1 billion in unfulfilled contract obligations, indicating strong revenue visibility.
However, these figures have raised concerns about the sustainability of future revenue. Jeffrey Emanuel, founder and CEO of the AI-powered Layer 1 chain Pastel Network, took to X to express his skepticism. “This is just a big pile of quickly depreciating GPUs and servers in a few buildings, with some ‘in the money’ contracts signed during a shortage,” he wrote. “If the market turns to a GPU oversupply scenario, people are going to look through to the underlying spot earnings and it’s going to be really ugly.”
CoreWeave was founded in 2017 by former commodities traders Michael Intrator, Brian Venturo, and Brannin McBee as Atlantic Crypto. The company initially focused on mining Ethereum before strategically transitioning to AI infrastructure in 2019. This shift positioned CoreWeave to capitalize on the AI boom, which gained further momentum after OpenAI’s ChatGPT launch in 2022.
In a 2021 blog post, CEO Intrator highlighted the market gap CoreWeave aimed to fill. He wrote, “Legacy cloud providers make it extremely difficult to scale because they offer a limited variety of compute options at monopolistic prices.” Intrator currently controls approximately 38% of the voting power, according to the filing.
