CoreWeave Inc., a cloud infrastructure company specializing in artificial intelligence (AI) and high-performance computing, is preparing for its initial public offering (IPO) on NASDAQ under the ticker CRWV. The company plans to offer 47.2 million shares at an expected price range of $47 to $55 per share, potentially valuing CoreWeave at up to $26 billion. Underwriters include Morgan Stanley, J.P. Morgan, and Goldman Sachs. CoreWeave's AI-first cloud platform sets it apart from traditional cloud providers by focusing on infrastructure tailored for AI workloads. The IPO proceeds are expected to be used for debt repayment, expansion of data centers, and general corporate purposes.
CoreWeave has experienced significant revenue growth, rising from $16 million in 2022 to $1.9 billion in 2024. However, the company remains unprofitable, reporting a net loss of $863 million in 2024, compared to $594 million in 2023. These financial results highlight the company’s rapid expansion and investment in AI infrastructure, as illustrated below.
Despite its growth, CoreWeave faces several challenges, including customer concentration risks, as a substantial portion of its revenue comes from a few major clients, such as Microsoft. The company also operates in a highly competitive environment, contending with large cloud providers like AWS, Google Cloud, and Microsoft Azure, which are increasingly investing in AI infrastructure. Looking ahead, CoreWeave aims to expand internationally, enhance its cloud services, and secure additional AI partnerships. With AI adoption expected to grow, the company’s specialized infrastructure positions it well for future demand. CRWV is expected to debut Friday, March 28th, 2025.