AI Firm CoreWeave Files for IPO, Aims to Raise $4 Billion at $35 Billion Valuation
CoreWeave, a leading artificial intelligence firm with strong ties to bitcoin mining company Core Scientific (CORZ), has officially filed for an initial public offering (IPO).
The company plans to raise $4 billion, with an expected valuation exceeding $35 billion.
According to its filing, CoreWeave generated $1.9 billion in revenue in 2024 but reported a net loss of $863 million due to heavy investments in AI infrastructure. The firm currently holds an accumulated deficit of $1.5 billion.
As part of its AI expansion, CoreWeave has partnered with Core Scientific to develop 500 megawatts (MW) of infrastructure dedicated to AI-related operations. Previously, Core Scientific was CoreWeave’s largest GPU supplier when it focused on Ethereum mining.
The IPO comes at a time of surging demand for AI technology, with adoption spreading from retail users to major institutions. CoreWeave cited a projection from IDC estimating that AI will contribute $20 trillion to the global economy—equivalent to 3.5% of global GDP—by 2030.
Following the news, Core Scientific (CORZ) shares rose 3.5% in post-market trading.
