A.I. Cloud Platform Coreweave Plans IPO

2024-11-26 12:28:37

(MENAFN- Baystreet) Artificial intelligence (A.I.) cloud platform CoreWeave is planning an initial public offering (IPO) for 2025 and targeting a $35 billion U.S. valuation.
According to media reports, the New Jersey-based company hopes to raise $3 billion U.S. from the share sale, which is expected to occur sometime during the second quarter of 2025.
An IPO from CoreWeave comes amid an ongoing boom in generative A.I. Demand for A.I. infrastructure such as data centres, high-powered servers, and cloud platforms remains strong.
CoreWeave provides access to data centres and high-powered microchips for A.I. applications and models, primarily supplied by Nvidia (NVDA), one of the company's main investors.
CoreWeave competes against larger cloud computing service providers such as technology giant Microsoft's (MSFT) Azure and Amazon Web Services (AMZN).
A potential IPO from CoreWeave is the latest sign that U.S. capital markets are improving after several down years due to a 2022 bear market and high interest rates.
Earlier this year, CoreWeave undertook a $650 million U.S. secondary share sale, which valued the company at $23 billion U.S.

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