CoreWeave Files for Stock Market Debut, Boasting $1.9 Billion in Revenue

CoreWeave Eyes $4 Billion IPO as AI Demand Surges

AI infrastructure company CoreWeave, which maintains a close partnership with bitcoin mining firm Core Scientific (CORZ), has filed for an initial public offering (IPO), seeking to raise $4 billion at a valuation of more than $35 billion.

According to its filing, CoreWeave generated $1.9 billion in revenue in 2024 but reported a net loss of $863 million as it ramped up AI investments. The company also disclosed an accumulated deficit of $1.5 billion, reflecting its heavy spending on infrastructure growth.

CoreWeave has enlisted Core Scientific to help construct 500 megawatts (MW) of AI-focused infrastructure. Previously, Core Scientific was CoreWeave’s primary GPU supplier during the Ethereum mining era, but the two firms have since shifted their focus to artificial intelligence.

The filing comes amid explosive growth in AI adoption across industries. CoreWeave referenced research from IDC, estimating that AI could contribute $20 trillion to the global economy—roughly 3.5% of global GDP—by 2030.

Following the IPO news, shares of Core Scientific (CORZ) climbed 3.5% in after-hours trading.