AI Cloud Firm CoreWeave Files for IPO, Targets $4B Raise at $35B Valuation

CoreWeave, a leading AI infrastructure provider with strong ties to bitcoin miner Core Scientific (CORZ), has filed for an initial public offering (IPO), aiming to raise $4 billion at a valuation surpassing $35 billion.

The company’s filing revealed that it brought in $1.9 billion in revenue in 2024 but posted a net loss of $863 million due to its aggressive expansion in AI computing. CoreWeave also reported an accumulated deficit of $1.5 billion as it continues investing in high-performance AI infrastructure.

As part of its strategic growth, CoreWeave is working with Core Scientific to build 500 megawatts (MW) of AI-optimized infrastructure. Previously, Core Scientific served as CoreWeave’s largest GPU supplier when the firm was still engaged in Ethereum mining.

The IPO comes amid a rapid increase in AI adoption, spanning individual users to major enterprises. CoreWeave cited industry data from IDC predicting AI’s global economic impact could reach $20 trillion—approximately 3.5% of worldwide GDP—by 2030.

In response to the news, Core Scientific (CORZ) shares gained 3.5% in post-market trading.