# CoreWeave IPO (2025)

CoreWeave, an AI-focused cloud provider, went public on March 28, 2025, raising $1.5 billion at $40 per share, marking the largest AI-related IPO at the time.

CoreWeave, Inc. is an American cloud-computing company headquartered in Livingston, New Jersey, that specializes in GPU-accelerated infrastructure for artificial intelligence and high-performance computing. Founded in 2017 as a cryptocurrency mining operation, the company pivoted to cloud services in 2019 and grew rapidly during the AI boom, becoming a key provider of Nvidia GPU capacity. Its initial public offering (IPO) on March 28, 2025, raised $1.5 billion, the largest AI-related listing by amount raised at that time, according to Dealogic.

The company operates 51 AI data centers as of 2026, designed for parallel computing performance via heavy use of graphics processing units (GPUs). These data centers are vital for training and running generative AI models, including large language models and text-to-video models. CoreWeave has data centers in the United States and Europe, with some dedicated to multiple clients and others to single clients. Its $1.6 billion supercomputer data center for Nvidia in Plano, Texas, has been described by Nvidia as the fastest AI supercomputer in the world.

## History

### 2017-2021
CoreWeave was founded in 2017 in New Jersey by commodities traders Michael Intrator, Brian Venturo, and Brannin McBee, along with Peter Salanki. Originally named Atlantic Crypto, the company initially mined ethereum using GPUs. After the 2018 cryptocurrency crash, the company was renamed CoreWeave in 2019, leveraging its GPU inventory to offer cloud computing infrastructure to businesses.

### 2022-2023
In 2022, CoreWeave operated three data centers in the United States. That summer, the company invested approximately $100 million in Nvidia's H100 chips. In October 2022, CoreWeave launched an accelerator program providing startups with compute credits and discounts. As demand for AI processing surged, CoreWeave's business grew significantly, signing clients such as [Stability AI](https://www.wikiprompt.org/wiki/stability-ai). In 2023, its technicians installed 6,000 miles of fiber-optic cabling. In April 2023, [Nvidia](https://www.wikiprompt.org/wiki/nvidia) invested $100 million in CoreWeave, valuing the company around $2 billion by May 2023. In August 2023, CoreWeave secured a $2.3 billion debt financing facility led by Magnetar Capital and [Blackstone](https://www.wikiprompt.org/wiki/blackstone), using H100 GPUs as collateral - a first for such hardware.

### 2024
In May 2024, CoreWeave raised $1.1 billion in funding led by [Coatue Management](https://www.wikiprompt.org/wiki/coatue), valuing the company at $19 billion. In October 2024, Bloomberg reported that Cisco was set to invest, valuing CoreWeave at $23 billion. That same month, CoreWeave secured a $650 million credit line led by Goldman Sachs, JPMorgan Chase, and Morgan Stanley. The company announced plans to invest $978.6 million in U.K. data centers. In June 2024, its $1 billion offer to buy [Core Scientific](https://www.wikiprompt.org/wiki/core-scientific) was rejected. In November 2024, CoreWeave was among the first cloud providers to receive Nvidia's Blackwell hardware. That month, it closed a $650 million secondary share sale with investors including Jane Street, Magnetar Capital, Fidelity Management, and Macquarie Capital. Bloomberg reported that CoreWeave was planning a 2025 IPO, selecting Morgan Stanley, Goldman Sachs, and JPMorgan Chase to manage it. CoreWeave filed its Form S-1 in March 2025, planning to list on the Nasdaq under the symbol "CRWV". The filing revealed that [Microsoft](https://www.wikiprompt.org/wiki/microsoft) accounted for over 60 percent of CoreWeave's 2024 revenue.

### 2025
In February 2025, CoreWeave became the first cloud provider to offer Nvidia GB200 NVL72 chips via cloud computing, with IBM announcing it would use the clusters to train its Granite AI. In March 2025, CoreWeave announced the acquisition of [Weights & Biases](https://www.wikiprompt.org/wiki/weights-biases) for around $1.7 billion. Also in March, [OpenAI](https://www.wikiprompt.org/wiki/openai) signed a five-year cloud-computing contract worth approximately $12 billion, with an option for OpenAI to acquire $350 million worth of shares in the IPO. CoreWeave reduced its IPO size from $2.7 billion to $1.5 billion on March 27, 2025, and went public on March 28, 2025, raising $1.5 billion at $40 per share. In July 2025, CoreWeave became the first company to deploy Nvidia Blackwell Ultra GPUs (GB300 NVL72) commercially, with Dell providing servers. Core Scientific agreed in July 2025 to be acquired by CoreWeave for $9 billion, but shareholders rejected the deal in October 2025. In September 2025, CoreWeave agreed to acquire OpenPipe, a startup specializing in reinforcement learning tools for AI agents. In October 2025, it agreed to acquire Monolith AI, a developer of AI and ML applications for physics.

### 2026
In January 2026, Nvidia invested $2 billion in CoreWeave at $87.20 per share to expand their partnership. In February 2026, CoreWeave sought $8.5 billion in new financing, using AI infrastructure contracts with Meta Platforms as collateral. In April 2026, CoreWeave announced a multi-year agreement with [Anthropic](https://www.wikiprompt.org/wiki/anthropic) to provide Nvidia GPU capacity for production-scale Claude inference workloads, and priced an upsized $3.5 billion convertible senior notes offering. These developments came within 48 hours of a $21 billion expansion of its infrastructure partnership with Meta. In May 2026, CoreWeave reported first-quarter revenue of $2.08 billion, exceeding analyst expectations of $1.97 billion and more than doubling year-over-year. Revenue backlog reached nearly $100 billion. As of June 30, 2026, CoreWeave reported total debt of approximately $35.1 billion in its Q2 2026 filing, split between recourse (approximately $31.4 billion) and non-recourse (approximately $3.7 billion) facilities structured against hyperscaler contract commitments.

## Key people and employees
Headquartered in New Jersey, CoreWeave had around 1,450 employees as of 2025. Michael Intrator serves as chief executive officer and founder, with cofounders Brian Venturo as chief strategy officer, Brannin McBee as chief development officer, and Peter Salanki as chief technology officer. In 2024, Nitin Agrawal joined as chief financial officer from Google, and Sachin Jain, formerly of Oracle's AI department, was hired as chief operating officer in August 2024.

## Business model and market position
CoreWeave's business model centers on providing GPU-accelerated cloud infrastructure, often at scale, to AI companies and enterprises. The company differentiates itself through rapid deployment of Nvidia's latest hardware, often being first to market with new chips. Its revenue is heavily concentrated among a few large clients, with Microsoft accounting for over 60 percent of 2024 revenue. The company's growth has been fueled by massive debt financing, using GPU hardware and long-term contracts as collateral. As of 2026, CoreWeave's revenue backlog reached nearly $100 billion, indicating strong future demand.

## Acquisitions and partnerships
CoreWeave has pursued a strategy of acquisitions to expand its capabilities. In March 2025, it acquired [Weights & Biases](https://www.wikiprompt.org/wiki/weights-biases), an AI developer platform, for approximately $1.7 billion. In September 2025, it agreed to acquire OpenPipe, a startup focused on reinforcement learning tools for training AI agents. In October 2025, it agreed to acquire Monolith AI, a developer of AI and ML applications for physics. The company has also formed strategic partnerships with major AI players, including [OpenAI](https://www.wikiprompt.org/wiki/openai), [Anthropic](https://www.wikiprompt.org/wiki/anthropic), and Meta Platforms, providing GPU capacity for their workloads. Its partnership with [Nvidia](https://www.wikiprompt.org/wiki/nvidia) is particularly close, with Nvidia investing in CoreWeave and using its data centers for supercomputing projects.

## Financial performance and IPO details
The IPO on March 28, 2025, raised $1.5 billion at $40 per share, with shares listed on the Nasdaq under "CRWV". The offering was reduced from an initial target of $2.7 billion. Despite the reduction, it was the largest AI-related listing by amount raised, according to Dealogic. Following the IPO, CoreWeave's financial performance showed strong growth. In Q1 2026, revenue reached $2.08 billion, more than doubling year-over-year and exceeding analyst expectations. However, the company also carries significant debt, totaling approximately $35.1 billion as of June 30, 2026, reflecting its aggressive expansion strategy.

## Regulatory and competitive landscape
CoreWeave operates in a highly competitive market, facing rivals such as [Amazon Web Services](https://www.wikiprompt.org/wiki/amazon-web-services), [Microsoft Azure](https://www.wikiprompt.org/wiki/azure), [Google Cloud](https://www.wikiprompt.org/wiki/google-cloud), and [Oracle Cloud](https://www.wikiprompt.org/wiki/oracle-cloud). The company's focus on GPU-accelerated computing and its early access to Nvidia hardware have been key competitive advantages. The AI industry is subject to evolving regulations, including [U.S. AI executive orders](https://www.wikiprompt.org/wiki/us-ai-orders-2025) and [the EU AI Act](https://www.wikiprompt.org/wiki/eu-ai-act-2025), which could impact CoreWeave's operations. As of 2026, the company continues to expand its data center footprint and partnerships to meet growing demand for AI infrastructure.

## External links

- [Wikipedia: CoreWeave](https://en.wikipedia.org/wiki/CoreWeave)

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Source: https://www.wikiprompt.org/wiki/coreweave-ipo-2025
License: CC BY-SA 4.0 (https://creativecommons.org/licenses/by-sa/4.0/)
Last updated: 2026-10-13T12:35:35.90056+00:00