US Cloud Computing Startup CoreWeave Plans Stock Market Debut

WASHINGTON, 4th March 2025 (BSS/AFP) – CoreWeave, a US-based startup specialising in cloud-powered artificial intelligence (AI), has filed with US regulators to go public, marking its intention to debut on the stock market.

The company revealed in its filing that it generated $1.9 billion in revenue last year, a staggering sevenfold increase from 2023, driven by the booming demand for AI technology. This sharp rise highlights the growing influence of AI in the global tech sector.

CoreWeave’s platform is utilised by leading technology giants, including Meta, Microsoft, Mistral AI, and Nvidia. The company’s services are designed to provide the necessary infrastructure to support large-scale AI development, offering both software and cloud services that facilitate the management of complex AI systems.

“Our platform supports the development and use of pioneering AI models,” the company noted in its filing.

Headquartered in New Jersey, CoreWeave intends to list its shares on the New York Stock Exchange under the ticker symbol “CRWV,” with plans to raise $3.5 billion or more. If successful, the IPO would rank among the top 25 largest initial public offerings in US stock market history. However, the specific timing and pricing details of the offering have not yet been disclosed.

CoreWeave is targeting a valuation of over $35 billion, according to industry reports.

The startup remains predominantly controlled by its three founders, who hold more than 80 percent of the company, including CEO Michael Intrator. Nvidia also holds a small stake of approximately one percent in CoreWeave, benefiting from the use of the company’s powerful graphics processing units (GPUs).

Originally founded in 2017 under the name Atlantic Crypto, CoreWeave operates by renting out cloud-based computing hardware, catering to the increasing demand for high-performance computing capabilities.

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The cloud computing market has been rapidly expanding, particularly with the rise of AI and machine learning. CoreWeave’s growth comes as more companies seek scalable solutions for processing vast amounts of data, and its use of Nvidia’s cutting-edge GPUs positions it well in the competitive tech landscape. The IPO marks a significant milestone for the company as it prepares to further cement its place as a major player in the AI-driven cloud infrastructure sector.