Nvidia-Backed Cloud AI Startup CoreWeave Seeks IPO: Report

Fresh off its $1.1 billion funding round this month, cloud AI startup CoreWeave is reportedly looking to hit the public market by the first half of 2025. Here’s what you need to know.

CoreWeave, the cloud AI startup heavily backed by Nvidia and private equity firms, is reportedly seeking to become a public company in 2025 fresh off a $1.1 billion funding round.

The Roseland, N.J.-based startup this month raised $1.1 billion which increased CoreWeave’s valuation to a whopping $19 billion, almost tripling its $7 billion valuation at the start of 2024.

Additionally, the startup recently received a $7.5 billion debt package led by private equity firms Blackstone, Magnetar and Coatue.

CoreWeave is now preparing to hit the public markets next year with an IPO expected by the first half of 2025, according to a report by The Information.

The company is a specialized cloud computing provider that can deliver massive scale of GPUs on its flexible infrastructure. CoreWeave, which Nvidia has invested more than $100 million in, owns a large amount of high-powered graphics processing units which made it one of the biggest GPU cloud providers.

CoreWeave did not respond to comment on the matter by press time.

“CoreWeave is building the infrastructure to power the AI innovations that are already changing how businesses operate in the global economy,” said CoreWeave CEO and co-founder Michael Intrator in a statement this month.

Who Is CoreWeave?

The boom in AI technology has accelerated demand for CoreWeave’s cloud infrastructure to train, serve inference and find-tune models, while the startup also provides access to Nvidia GPUs.

Founded in 2017, the company’s roughly 550 global workforce builds cloud solutions for compute-intensive use cases, such as AI, aimed to be less expensive than the public cloud.

CoreWeave provides simplified access to Nvidia’s flagship GPUs- which are popular for running AI workloads and models on.

CoreWeave, named in CRN’s 2023 list of the 10 Hottest Cloud Computing Startups Of 2023, has been investing millions in expanding its data center footprint.

Since 2023, the startup grew its data center footprint from three to 14.

Over the last 12 months, CoreWeave raised over $12 billion from equity and debt investors.

“The caliber of investors in this large debt financing round is a powerful testament to both the insatiable market appetite for AI infrastructure and their belief in CoreWeave's ability to deliver cutting edge innovation for the largest AI labs and innovators at scale,” said CEO Intrator. “And we are really just getting started - our ambitions are to help reshape the cloud landscape, accelerate the AI race, and power the next generation of AI innovation that is changing the course of history.”