CoreWeave, an AI cloud provider backed by NVIDIA, has filed for its U.S. initial public offering, revealing an eight-fold surge in revenue for 2024. The company's revenue vaulted to $1.92 billion in 2024, up from $228.9 million a year earlier.
NVIDIA beneficially owned 6.07% of CoreWeave's Class A common shares prior to the offering, highlighting its strategic investment in the AI infrastructure space. CoreWeave's rapid growth underscores the immense demand for high-powered chips for AI workloads, primarily supplied by NVIDIA.
Despite a widening net loss to $863.4 million in 2024, CoreWeave's IPO is anticipated to be a significant event in the AI market. A successful listing would validate the business model of AI cloud providers and the continued demand for NVIDIA's GPUs in large-scale AI deployments.
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