CoreWeave Plans $2.5B IPO Amid High Demand

CoreWeave, an AI cloud platform specializing in GPU infrastructure, has launched the roadshow for its initial public offering (IPO), aiming to raise up to $2.5 billion at a valuation of $26 billion. The company plans to issue 49 million shares priced between $47 and $55 each, with significant demand already leading to an oversubscribed offering. CoreWeave has developed proprietary tools, such as SUNK, to optimize cloud-based AI environments, which has attracted clients like OpenAI and Microsoft, the latter accounting for a substantial portion of its revenue. The IPO application highlights CoreWeave's superior performance in training AI models, claiming efficiencies over competitors. Major financial institutions, including Morgan Stanley and Goldman Sachs, are involved in the underwriting process. CoreWeave intends to list its shares on the Nasdaq under the ticker symbol 'CRWV.'