US startup Coreweave, which specializes in powering artificial intelligence in the cloud, filed with US regulators on Monday for a stock market debut.
Coreweave posted revenue of $1.9 billion last year, leaping some sevenfold from 2023 on the AI boom, according to a prospectus filed with the Securities and Exchange Commission, reports BSS.
The startup said its platform is used by tech titans such as Meta, Microsoft, Mistral AI, and computer chip star Nvidia.
CoreWeave’s platform consists of software and cloud services that deliver “intelligence needed to manage complex AI infrastructure at scale,” it said in the filing.
“Our platform supports the development and use of ground-breaking models,” the startup added.
New Jersey-based CoreWeave plans to offer shares on the New York Stock Exchange under the symbol “CRWV” and raise $3.5 billion or more in the process, according to Renaissance Capital.
A haul of that size would place the debut among the 25 largest initial public offerings in US stock market history.
The timing of the IPO and details on the number and price of shares were not disclosed.
CoreWeave is aiming for a valuation of more than $35 billion, according to media reports.
CoreWeave is more than 80 percent owned by its three founders, including chief executive Michael Intrator, the prospectus indicated.
Nvidia owns approximately one percent of CoreWeave, which uses the Silicon Valley chip maker’s graphics processing units (GPUs).
Founded in 2017 under the name Atlantic Crypto, CoreWeave essentially rents out cloud-based computing hardware, according to Renaissance Capital.
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