Nvidia-backed CoreWeave’s revenue surged more than eight-fold in 2024, the cloud provider disclosed on Monday in its U.S. initial public offering paperwork, as the startup presses ahead with the first major artificial intelligence listing in New York this year.
The filing lays the groundwork for what could be one of the biggest stock market flotation in recent years and comes as the IPO market springs into action after the seasonal February lull.
Roseland, New Jersey-based CoreWeave, along with some existing shareholders, will sell shares in the proposed offering. The company is likely to target raising more than $3 billion from the share sale, Reuters reported in November.
The company is expected to aim for a valuation greater than $35 billion in its New York flotation, Reuters reported.
CoreWeave’s revenue vaulted to $1.9 billion in 2024, compared with $229 million a year earlier.
Its net loss widened to $863 million in the same period from $594 million in 2023.
CoreWeave in November was valued at $23 billion after a $650 million secondary share sale.
A successful share sale for CoreWeave could encourage other AI companies to move ahead with their listing plans.
Data center operator Switch is weighing an IPO at about a $40 billion valuation, Reuters reported in September.
Nvidia rival Cerebras Systems mulled going public last year but postponed its roadshow amid delays with a U.S. national security review, Reuters has reported.
CoreWeave will list on the Nasdaq under the symbol “CRWV”.
Morgan Stanley, J.P. Morgan and Goldman Sachs are the lead underwriters for the offering.
