CoreWeave co-founder and CEO Michael Intrator will be at Meo Arena in Lisbon, Portugal, on the centre stage on the second day of the 2024 Web Summit.
Carlos Rodriguez | SportsFile | Getty Images
CoreWeave, a startup that has grown rapidly through sales nvidia’s The Artificial Intelligence Processor said in a filing Thursday that it plans to raise up to $2.7 billion in its upcoming initial public offerings.
After filing its first prospectus earlier this month, CoreWeave updated its documentation in a range of expected prices from $47 to $55 per share. The company said it plans to sell 49 million shares in the offering, including some from existing investors.
Based on the number of shares in Class A and Class B after the offering, the agreement values the company at $26.5 billion at the top of the range, but that number could be completely diluted.
Originally known as Atlantic Crypto, the company got off to its start in 2017 by providing infrastructure for mining Ethereum cryptocurrency. After the digital currency prices fell, the company bought additional graphics processing units or GPUs and renamed them to CoreWeave with an AI-focused focus.
Revenue has been rising in recent years as Nvidia’s demand for GPUs is booming. In 2024, sales increased by more than 700% to $1.92 billion, with 77% of revenue coming from two customers. Microsoft is by far the biggest client, accounting for 62% of last year’s revenue.
Microsoft, whose Azure Cloud units provide computing power to Openai, worked with CoreWeave in 2023 to meet Openai demand and after the launch of ChatGpt.
CoreWeave will be trading on Nasdaq under the ticker symbol “CRWV”.
The company is primarily managed by three co-founders. Michael Intrator CEO said he submitted that he would control about 37% of his voting rights after the offer. Chief Data Officer Brannin McBee manages 19%, while Chief Strategy Officer Brian Venturo wins 25%.
At the end of 2024, CoreWeave’s 32 data centers had over 250,000 Nvidia GPUs, with the majority using previous generations of hopper architectures. Nvidia’s Blackwell GPU was in full production as of November. Last year, Elon Musk Startup Xai quickly routed a Tennessee data center cluster, where it lives 100,000 Nvidia GPUs.
Morgan Stanley is leading the delivery with the support of JPMorgan Chase and Goldman Sachs.
CoreWeave attempts to enter the open market during historically slow stretches to deliver technology. Other companies in the file include online lender Klarna and digital health startup Hinge Health.
It is also a particularly volatile moment for markets and tech stocks as investors worry about Trump’s tariff policies and massive cost cuts. NASDAQ is heading for its steepest quarterly drop since 2022.
Fix: Previous versions of this story had an incorrect number of shares sold.
– CNBC’s Jordan Novel contributed to this report.
Watch: CoreWeave Starts Marketing for IPOs
