CoreWeave has denied reports that Microsoft withdrew some of its commitments to the AI cloud provider just ahead of its Initial Public Offering (IPO).

The Financial Times reported earlier today, citing unnamed people with "knowledge of the matter," that some agreements had been withdrawn over delivery issues and missed deadlines. The sources told FT that Microsoft had lost some confidence in CoreWeave but had several ongoing contracts and remained an "important partner."

In a statement to DCD, CoreWeave said: “We pride ourselves in our client partnerships and there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading.”

DCD also reached out to Microsoft for comment.

CoreWeave is currently preparing for its IPO, having filed earlier this week.

In its application to the SEC, CoreWeave acknowledged that "a substantial portion of our revenue is driven by a limited number of our customers" and that the loss of spend from one or a few of the company's top customers would "adversely affect our business, operating results, financial condition, and future prospects."

The SEC filing noted that the company has $15.1bn in "remaining performance obligations."

Around 77 percent of CoreWeave's revenue in 2024 was from its two largest customers, Microsoft being the largest and accounting for 62 percent of CoreWeave's revenue that year.

In November 2024, Microsoft announced it would spend around $10 billion on CoreWeave's services by the end of the decade.

An analysis of CoreWeave's IPO from Next Platform noted that Microsoft "seems to be in the mood to be less ebullient about its AI spending as partner OpenAI shifts to its own Project Stargate infrastructure for the same reason that many enterprises are repatriating their data centers: Cloud infrastructure is expensive compared to owning it yourself.

"So while that $15.1 billion in remaining performance obligations – which means contractual agreements to buy GPU instance capacity on the CoreWeave data centers – is great, it might be mostly Microsoft, and it might end three years from now if the average contract length is around four years as the S-1 says it is."

Towards the end of last month, it emerged that Microsoft had canceled around 200MW of AI data center lease agreements. In the report from TD Cowen, the brokerage speculated: "There is capacity that it has likely procured, particularly in areas where capacity is not fungible to cloud, where the company may have excess data center capacity relative to its new forecast."

Microsoft responded in a statement: "While we may strategically pace or adjust our infrastructure in some areas, we will continue to grow strongly in all regions. This allows us to invest and allocate resources to growth areas for our future. Our plans to spend over $80bn on infrastructure this financial year remains on track as we continue to grow at a record pace to meet customer demand."