Manus Invitation Code Application Guide
1080
English
English
CoreWeave, an artificial intelligence startup supported by Nvidia, recently announced a five-year contract with OpenAI for a total contract of up to $11.9 billion. The deal brings important opportunities to the company as CoreWeave is about to go public.
According to a statement from CoreWeave, the company will provide OpenAI with an AI infrastructure to further strengthen the partnership between the two. The signing of this contract also means that OpenAI will acquire some shares in CoreWeave, which plans to issue $350 million worth of shares to OpenAI through a private placement during its IPO. It is worth noting that CoreWeave won't make any profits.
"CoreWeave is an important addition to our infrastructure portfolio, which complements our commercial deals with Microsoft, Oracle and SoftBank's Stargate joint venture," said Sam Altman, CEO of OpenAI. The deal provides great support for CoreWeave's initial public offering (IPO) and is expected to go public in 2025. Recently, with the sharp rise in interest in generative AI, investors' demand for AI infrastructure has also increased significantly.
Founded in 2017, CoreWeave mainly provides access to data centers and high-performance chips for AI workloads, relying mainly on Nvidia's products. The company is competing with cloud service providers such as Microsoft's Azure and Amazon's AWS. CoreWeave's customers include big tech companies such as Meta, IBM and Microsoft. CoreWeave reportedly has a target valuation of more than $35 billion in the upcoming stock market listing.
In its recent IPO application, CoreWeave disclosed revenue of $1.92 billion in 2024, compared with $228.9 million in 2023. Despite significant revenue growth, the company's net loss expanded to $863.4 million from $593.7 million in 2023. Currently, about two-thirds of revenue comes from Microsoft, which is also CoreWeave’s largest customer.
CoreWeave has raised more than $14.5 billion in debt and equity in past financing, including a round of more than $7 billion in private debt financing last year, becoming one of the largest financings in history. Morgan Stanley, JPMorgan Chase and Goldman Sachs are the major underwriters of CoreWeave’s upcoming listing. CoreWeave's shares are expected to be traded on Nasdaq under the CRWV code.
