CoreWeave Locks In $11.9B AI Cloud Deal with OpenAI Ahead of Nasdaq IPO

CoreWeave, a leading provider of AI-focused data center infrastructure, has signed a five-year, $11.9 billion deal with OpenAI, further solidifying its role as a major player in the AI computing space. As part of the agreement, OpenAI will receive a $350 million equity stake in CoreWeave, tied to the company’s upcoming Nasdaq debut, according to sources familiar with the matter.

The deal comes as CoreWeave prepares for its IPO, following explosive growth that saw its 2024 revenue soar over 700% to $1.92 billion, with more than 60% of its earnings driven by Microsoft — OpenAI’s primary backer. CoreWeave, which has rapidly scaled its AI cloud operations, now operates 32 data centers with over 250,000 Nvidia GPUs, surpassing its earlier expansion targets.

Backed by Nvidia, CoreWeave has raised over $12 billion in funding and debt financing over the past two years, including a $1.1 billion round in May that valued the company at $19 billion. The company has since been targeting a valuation exceeding $35 billion in its public offering.

In October, CoreWeave secured a $650 million credit line to expand its data center network, positioning itself as a key supplier of high-performance computing services for AI giants like Microsoft, Meta, IBM, and Cohere. With its IPO imminent, the company is expected to play an increasingly critical role in powering the next wave of AI-driven applications, reinforcing its standing as one of the industry’s most valuable cloud infrastructure providers.

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