On Monday, March 3, 2025, CoreWeave, a cloud provider fueled by Nvidia’s GPUs, filed its IPO prospectus, setting the stage for a blockbuster public debut on the Nasdaq under the ticker “CRWV.” The Roseland, New Jersey-based company reported a jaw-dropping 700% revenue surge in 2024, hitting $1.92 billion, up from $228.9 million in 2023. Backed by Nvidia and poised to capitalize on the AI infrastructure boom, CoreWeave is targeting a valuation north of $35 billion—a bold bet in a sluggish tech IPO market.
Financials: Skyrocketing Revenue, Mounting Losses
CoreWeave’s 2024 haul included $747.4 million in Q4 alone, with a hefty 76% gross margin after costs. Operating income clocked in at $112.7 million for the quarter, but interest on nearly $8 billion in debt flipped it to a $51.4 million net loss. For the full year, the net loss widened to $863.4 million from $593.7 million in 2023, reflecting the high cost of scaling its 32 data centers—home to over 250,000 Nvidia GPUs. With $15 billion in unfulfilled contracts, demand is clear, but 77% of revenue hinges on just two clients: Microsoft (62%) and an unnamed second player (15%).
Originally Atlantic Crypto, founded in 2017 for Ethereum mining, CoreWeave pivoted post-crypto crash, snapping up GPUs to serve AI workloads. “Legacy cloud providers make scaling difficult with limited options at monopolistic prices,” CEO Michael Intrator wrote in 2021. Now, with 360 MW of active power and 1.3 GW contracted, CoreWeave’s betting big on AI’s energy-hungry future.
AI Boom Fuels the Rise
CoreWeave’s ascent traces back to OpenAI’s ChatGPT launch in late 2022, when GPU shortages left businesses scrambling. Microsoft, powering OpenAI via Azure, tapped CoreWeave in 2023 to bridge the gap. “That was a bolt from the blue,” Microsoft CEO Satya Nadella recalled on a November podcast. Though Nadella later called it a one-off, he recently hinted at leasing through 2028—suggesting CoreWeave’s role isn’t fading. Posts on X speculate Microsoft’s $500 billion Stargate project with OpenAI could lean on CoreWeave too, given its right-of-first-refusal deal.
Nvidia, holding a 1% stake, supplies CoreWeave’s GPU fleet—mostly last-gen Hopper chips, with Blackwell now in production. Hedge fund Magnetar owns 7%, while Intrator commands 38% of voting power. The IPO, led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs, aims to raise funds (exact amount TBD) to tame that $8 billion debt and fuel expansion.
Risks and Rivals in a Crowded Field
CoreWeave’s filing flags risks: heavy reliance on Microsoft, debt burdens, and potential GPU supply hiccups if China-Taiwan tensions disrupt Nvidia’s Taiwan Semiconductor Manufacturing Co. pipeline. It competes with Microsoft’s Azure, Amazon’s AWS, Google Cloud, Oracle, and scrappy upstarts like Crusoe and Lambda. Meanwhile, Cerebras’ stalled IPO—snagged by a CFIUS review—shows regulatory hurdles loom large in AI infrastructure.
The tech IPO drought since late 2021, driven by rising rates and inflation, adds pressure. ServiceTitan’s December debut was the first big venture-backed tech IPO since Rubrik in April, with Reddit a rare exception. CoreWeave’s timing tests investor appetite for AI bets amid tariff fears rocking markets (Bitcoin dropped 8% Monday on similar woes).
What’s Next for CoreWeave in 2025?
CoreWeave’s IPO could jolt the Nasdaq awake, riding AI’s $20 trillion GDP promise (per IDC) and its 250,000-GPU arsenal— dwarfed only by xAI’s 100,000-GPU Tennessee cluster. Will it sustain its Microsoft lifeline, or diversify beyond two clients? Can it turn cash-burning growth into profit? As MWC 2025 buzzes with Lenovo’s foldables and Xiaomi’s EVs, CoreWeave’s “CRWV” debut could redefine the AI cloud stakes. Stay tuned for pricing details and market reactions!
