Coreweave Makes Historic Market Debut With Record-Breaking Ipo

CoreWeave Takes the Leap into Public Markets with Record-Breaking IPO

CoreWeave, a pioneer in cloud platform management for AI infrastructure, has filed for its highly anticipated Nasdaq IPO. The 8-year-old Livingston, New Jersey-based company is poised to raise around $4 billion, valuing it at approximately $35 billion.

The company’s revenue has surged by an astonishing 737% in 2024, reaching a staggering $1.9 billion. This remarkable growth is largely attributed to the company’s decision to invest heavily in expanding its business and capitalizing on the ever-growing market opportunities.

However, with this rapid expansion comes increasing losses. CoreWeave posted a net loss of $863 million last year, a 45% increase from the previous year. Despite these widening losses, the company remains optimistic about its prospects, citing its strong pipeline of customers, including top-tier names in tech and AI such as Microsoft, IBM, Meta, Mistral AI, and Nvidia.

CoreWeave has been a highly prolific fundraiser, landing $1.57 billion in known equity funding and over $10 billion in debt financing, according to Crunchbase data. Its most recent secondary transaction was a notable $650 million deal in November. Magnetar Capital, an Evanston-based asset manager and structured credit investor, holds the largest stake in CoreWeave, with 34.5% of outstanding Class A shares.

The company’s business model is built on long-term contracts, with the average contract duration of four years and a total of $15.1 billion in remaining “performance obligations” as of last year’s end. This robust revenue stream is expected to continue for some time, providing a solid foundation for the company’s growth.

The impending IPO marks a significant milestone in CoreWeave’s journey, following a period of protracted dry spell for public offerings of hot U.S. unicorns. With JP Morgan, Morgan Stanley, and Goldman Sachs serving as lead underwriters, the company plans to trade under the ticker symbol CRWV.