AI hyperscaler CoreWeave, which serves top firms — including IBM, Meta and Microsoft — officially filed for an initial public offering in the U.S. on Monday, aiming to raise $4 billion at a $35 billion valuation, pending agency approval.
The IPO would offer Class A common stock on the Nasdaq under the ticker "CRWV," with the proceeds intended for working capital, corporate expenses, debt repayment and potential acquisitions, according to the firm's S-1 registration statement.
CoreWeave's planned IPO is managed by a consortium of underwriters led by Morgan Stanley, JPMorgan and Goldman Sachs, with additional underwriters including crypto investment firm Galaxy Digital in what could become one of the largest stock market flotations in recent years.
Before Ethereum's transition from a proof-of-work to a proof-of-stake network in 2022, known as The Merge, Ethereum mining was a substantial part of CoreWeave's business — accounting for 61% or $9.7 million of the $15.8 million total revenue generated that year.
CoreWeave was already involved in AI before The Merge, providing access to data centers and high-performance chips for AI workloads, primarily sourced from Nvidia. However, with Ethereum mining no longer an option, CoreWeave has intensified its focus on AI since then, helped by the boom in demand amid the launch of OpenAI's ChatGPT and other large language models.
"We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization," CoreWeave wrote in the filing. "According to IDC [International Data Corporation], AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030."
According to the prospectus, CoreWeave's annual revenue rose to $229 million in 2023, then surged to $1.9 billion in 2024. The firm posted a net loss of $863.4 million in 2024, widening from $593.7 million in 2023, due to AI infrastructure investments, fair value adjustments and rising interest payments, despite operating income turning positive at $324.4 million. However, its strong adjusted EBITDA margin of 64% and $2.7 billion in operating cash flow indicate strong underlying profitability.
CoreWeave hasn't completely abandoned its connections with the mining industry, however. In June 2024, the firm signed a 12-year deal with Bitcoin miner Core Scientific, securing 200 megawatts of power capacity to scale its AI cloud operations. The agreement repurposes some of Core Scientific’s infrastructure for high-performance AI workloads.
Following subsequent expansions in October 2024 and February 2025, CoreWeave's total contracted HPC infrastructure with Core Scientific rose to approximately 590 megawatts across six sites, with total projected revenue now reaching $10.2 billion over the 12-year contract term.
After closing a $650 million secondary share sale in November, CoreWeave had tripled its valuation in 2024 to $23 billion, Reuters reported, citing sources familiar with the matter, adding to a total of more than $14.5 billion in debt and equity across 12 financing rounds.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
