CoreWeave is a cloud service provider that focuses on renting NVIDIA GPUs. They have filed for an IPO under the symbol CRWV but have not disclosed the number of shares to be offered or the IPO price, along with the total business value.
In their filing, CoreWeave reported a revenue of $1.915 billion in 2024, a significant increase of over 700% from 2023. However, the company still incurred a loss of $863 million in the previous year. 77% of the revenue comes from just 2 customers, with Microsoft being the largest at 62%. The company is looking to expand its customer base, with contracts totaling up to $15 billion already in place.
Established in 2017 as Atlantic Crypto, CoreWeave initially operated Ethereum mining. With a significant drop in cryptocurrency prices, the company pivoted to providing cloud services for graphics and AI processing using GPUs. The company currently has approximately 250,000 GPUs, mostly Hopper architecture, with a data center capacity of 360 megawatts and an additional 1.3 gigawatts under construction.
Michael Intrator, CEO and founder of CoreWeave, holds the highest voting power at 38%, with NVIDIA holding a stake of 1% in the company.
Source: CNBC
TLDR: CoreWeave, a cloud service provider, is planning an IPO with significant revenue growth but also substantial losses, focusing on NVIDIA GPU rentals and aiming to diversify its customer base beyond its current top two clients.
Leave a Comment