CoreWeave Files Major AI IPO as Revenue Surges Over Eight-Fold
CoreWeave, a cloud provider backed by Nvidia, has announced a significant surge in revenue of over eight-fold to $1.92 billion in 2024, according to its U.S. initial public offering paperwork. The startup is now poised to raise more than $3 billion from the share sale and aims for a valuation greater than $35 billion, making it one of the biggest tech listings in recent years. CoreWeave competes with cloud providers such as Microsoft's Azure and Amazon's AWS, but its data center footprint grew to 32 in 2024 compared to 10 in 2023.
- The significant revenue surge at CoreWeave could be a harbinger for the broader growth of the AI industry, which is expected to continue driving demand for digital infrastructure such as data centers.
- Will this successful IPO pave the way for other AI companies to follow suit and list on major stock exchanges, potentially leading to further consolidation in the sector?