CoreWeave could file for an IPO in the next week in a move that could raise more than $4 billion for the AI cloud provider.
The public offering would value the business at more than $35 billion, according to a report from Bloomberg, which cites sources familiar with the company’s thinking.
It comes as it was revealed that CoreWeave is spending an additional $1.2 billion on leasing data center space from Core Scientific.
CoreWeave IPO could fund further expansion
Nothing has been finalized, the report said, with the timing of the IPO subject to change. A spokesperson for CoreWeave declined to comment when contacted by Bloomberg.
Founded in 2017 as a cryptomining firm, CoreWeave has become one of the biggest players in AI infrastructure after pivoting to offer access to GPUs. By the end of 2024, it was operating 28 data centers globally, with an additional ten new data centers planned across 2025.
Rumours of an IPO have been swirling since last year, and the company has already raised billions from private investors. In 2023, it secured $2.3 billion in debt financing from Magnetar, Blackstone, BlackRock, DigitalBridge, Coatue, PIMCO, and Carlyle.
Last year, it celebrated a $1.1 billion equity funding round in May, shortly followed by $7.5 billion in private debt financing with Blackstone and Magnetar as co-lead investors, with Coatue Management, Carlyle Group, CDPQ, DigitalBridge, BlackRock, Eldridge Industries, and Great Elm Capital also taking part.
In October 2024, the company closed a $650 million financial deal led by Goldman Sachs, JPMorgan, and Morgan Stanley. According to CoreWeave, its total raised via debt and equity investors over the last 18 months was $12.7 billion.
There have also been reports that Cisco Systems and Nvidia have invested in the firm.
In January, it announced its first UK deployments, taking space in data centers operated by Global Switch and Digital Realty.
Core Scientific bags CoreWeave cash
Meanwhile, CoreWeave is spending an additional $1.2 billion to acquire 70MW of data center space from Core Scientific in Denton, Texas. Core Scientific said in November 2024 that it was converting the site into an AI data center at a cost of up to $6.1 billion.
The agreement increases CoreWeave’s total contracted infrastructure with Core Scientific to some 590MW across six sites.
"By expanding our capacity in Denton, we’re building one of the largest GPU supercomputers in North America, reinforcing Core Scientific’s leadership in delivering high-density, high-performance digital infrastructure,” said Adam Sullivan, Core Scientific CEO. “We look forward to delivering even greater value for both our customers and shareholders.”
CoreWeave is a key customer for Core Scientific and had a take-over bid for the firm rejected last year.
News of the latest CoreWeave deployment came as Core Scientific released its latest financial results. It incurred a net loss of $265.5 million in Q4 2024, as compared to a net loss of $195.7 million for the same period in 2023. Revenue was also down year-over-year, to $94.9 million from $141.9 million in 2023.
The company said the loss was down to accounting adjustments, with $224.7 million of the deficit relating to “non-cash mark-to-market adjustment to warrants and other contingent value right liabilities." These adjustments were necessary because of the company’s rapid growth in valuation, Core Scientific said.
Indeed, its share price rose on Thursday on news of the latest CoreWeave deal.
