CoreWeave Files for IPO, Aiming for $35B Valuation Amid AI Boom

CoreWeave, a leading AI infrastructure firm, has officially filed for an initial public offering (IPO), targeting a valuation exceeding $35 billion and aiming to raise $4 billion. The company has strong ties with bitcoin miner Core Scientific (NASDAQ: CORZ), which will help develop 500 megawatts (MW) of infrastructure to support AI advancements.

In 2024, CoreWeave generated $1.9 billion in revenue but reported a net loss of $863 million due to heavy AI-related investments, bringing its accumulated deficit to $1.5 billion. Despite financial setbacks, the firm is capitalizing on the surging demand for artificial intelligence, which is transforming industries from retail to large-scale enterprises. According to IDC, AI is projected to contribute $20 trillion to the global economy by 2030, representing 3.5% of global GDP.

Core Scientific, previously CoreWeave’s primary GPU supplier during its Ethereum mining phase, is now instrumental in the company’s AI expansion. As the AI sector grows, firms like CoreWeave are positioning themselves at the forefront of the technological revolution, attracting investor interest.

Following the IPO announcement, Core Scientific's stock (CORZ) climbed 3.5% in post-market trading, reflecting market confidence in AI-driven infrastructure growth.