Bitcoin Struggles Below $74K as CoreWeave Boosts AI Sentiment, Anthropic Targets Higher IPO Valuation

CoreWeave’s sharp revenue growth boosted AI infrastructure stocks and Nasdaq futures, while Bitcoin traded nearly flat over the past 24 hours.

CoreWeave’s (CRWV) third-quarter earnings provided a boost to the struggling AI sector, pushing its shares up 10% in Wednesday’s premarket session. Meanwhile, Bitcoin (BTC) and gold showed little movement.

The cloud computing provider serving the AI industry reported a 168% year-over-year increase in revenue on Tuesday and raised its full-year revenue outlook to between $13 billion and $13.3 billion. However, its net loss expanded to $709 million, or $1.27 per share, largely due to rising interest expenses.

Gains extended to other AI infrastructure companies. IREN (IREN) advanced 6%, Galaxy Digital (GLXY) climbed 5%, and Cipher Digital (CIFR) added 7%. Nasdaq 100 futures also rose more than 1.5%.

Bitcoin and gold remained broadly stable over the 24-hour period, trading near $74,000 and $4,000 per ounce, respectively.

The U.S. Dollar Index held above 102 after Tuesday’s stronger-than-expected inflation data strengthened expectations that interest rates could remain elevated. Markets were assigning an approximately 86% probability to a 25-basis-point Federal Reserve rate increase on Dec. 9, alongside a 14% chance of a 50-basis-point hike.

Separately, bankers advising Anthropic are weighing an IPO valuation of at least $1.5 trillion, exceeding the roughly $1.4 trillion figure discussed on Tuesday, the Financial Times reported, citing people familiar with the discussions. Strategic investors, including Google, Nvidia and Microsoft, are also expected to contribute $26 billion through a separate private placement priced at the IPO valuation.