The IPO Buzz: AI Cloud Platform CoreWeave Files for IPO That Could Raise Up to $4B

CoreWeave, Inc. (CRWV Proposed), an AI cloud platform company, pumped some heat into the frigid IPO waters after the closing bell today by filing for its initial public offering. No terms were disclosed in the S-1 filing, dated March 3, 2025. Bloomberg, however, has reported that CoreWeave could raise as much as $4 billion in its IPO and achieve a market cap of about $35 billion. Whatever the actual figures turn out to be, CoreWeave is positioned to be the biggest IPO of the year so far. Morgan Stanley, J.P. Morgan and Goldman Sachs are the joint lead book-runners. The book-running team includes Barclays, Citigroup, MUFG, Deutsche Bank Securities, Jefferies, Mizuho, Wells Fargo Securities and BofA Securities. NVIDIA Corp., a pioneer of GPU-driven computing, is among CoreWeave’s principal shareholders, with a 6 percent stake before the IPO. Magnetar Financial, a hedge fund manager, holds a 34.5 percent pre-IPO stake. Entities affiliated with Fidelity have a 7.56 percent pre-IPO stake, the prospectus said. CoreWeave describes itself as “the AI Hyperscaler driving the AI revolution,” according to the prospectus. “CoreWeave powers the creation and delivery of the intelligence that drives innovation.”  CoreWeave, based in Livingston, N.J., said its “CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe — our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (“IBM”), Meta Platforms, Inc. (“Meta”), Microsoft Corporation (“Microsoft”), Mistral AI SAS (“Mistral”), and NVIDIA Corporation (“NVIDIA”),” according to the prospectus. Microsoft was CoreWeave’s largest customer for the years that ended Dec. 31, 2023, and Dec. 31, 2024, the prospectus said. CoreWeave’s revenue has grown by quantum leaps in the past three years. “Our business has grown rapidly since our inception. Our revenue was $16 million, $229 million, and $1.9 billion for the years ended December 31, 2022, 2023, and 2024, respectively, representing year-over-year growth of 1,346 percent and 737 percent, respectively,” CoreWeave said in the prospectus. CoreWeave said it had “continued to invest in growing our business to capitalize on our market opportunity” in the years 2022 through 2024. “ As a result, our net loss for the years ended December 31, 2022, 2023, and 2024 was $31 million, $594 million, and $863 million, respectively,” the company said in the prospectus. For the record: CoreWeave reported a net loss of $863.45 million on revenue of about $1.92 billion for the year that ended Dec. 31, 2024. (For more information about these companies, please check the IPO Calendar and the individual IPO Profiles found on the IPOScoop.com  website.) Note: Never trade on proposed symbols. They have been known to change and you might buy something on the OTC Bulletin Board. To see what time the NASDAQ IPOs are expected to trade, please log in to: NASDAQTrader.com then scroll down to IPO Message. Disclosure: Nobody on the IPOScoop.com staff has a position in any stocks mentioned above, nor do they trade or invest in IPOs. The IPOScoop.com staff does not issue advice, recommendations or opinions. Disclaimer: A SCOOP Rating (Wall Street Consensus of Opening-day Premiums) is a general consensus taken, at press time, from Wall Street and investment professionals concerning how well an IPO might perform when it starts trading. The SCOOP Rating does not reflect the opinions of anyone associated with IPOScoop.com. The SCOOP ratings should not be taken as investment advice. The rating merely reflects the opinion of the professionals at the time of publication and is subject to last-minute changes due to market conditions, changes in a specific offering and other factors, such as changes in the proposed offering terms and the  shifting of investor interest in the IPO. The information offered is taken from sources we believe to be reliable, but we cannot guarantee the accuracy.