CoreWeave Submits IPO Application with $1.9 Billion in Revenue
Finance/Tech

CoreWeave Submits IPO Application with $1.9 Billion in Revenue

CoreWeave aims to secure $4 billion in its initial public offering, with a potential valuation of $35 billion, following a significant revenue report.

CoreWeave, an AI enterprise closely allied with the bitcoin miner Core Scientific, has filed for an initial public offering (IPO) today. The company seeks to raise $4 billion at a valuation exceeding $35 billion.

Key points:

  • CoreWeave reported $1.9 billion in revenue in 2024, but faced a net loss of $863 million due to its AI investments.
  • The firm is constructing 500 megawatts (MW) of AI infrastructure with the help of Core Scientific, its previous GPU supplier.

The demand for AI technologies has surged remarkably, with expectations that the sector will yield a global economic impact of $20 trillion, constituting 3.5% of global GDP by 2030, as indicated by IDC.

Currently, shares of Core Scientific have witnessed a 3.5% increase in after-hours trading.

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