AI cloud provider CoreWeave files for IPO

CoreWeave, a provider of cloud-based Nvidia processors to companies including Meta and Microsoft , is headed for the public market. In its IPO prospectus on Monday, CoreWeave said revenue in 2024 soared more than 700% to $1.92 billion. The company recorded a net loss of $863.4 million. In 2024, 62% of CoreWeave's revenue came from Microsoft. CoreWeave filed to trade on the Nasdaq under ticker symbol "CRWV." Originally known as Atlantic Crypto, CoreWeave got its start in 2017 by offering infrastructure for mining the ethereum cryptocurrency. After digital currency prices fell, the company bought up additional graphics processing units (GPUs) and changed its name to CoreWeave, with an increasing focus on graphics rendering and artificial intelligence. "We quickly started getting inundated with introductions to businesses dependent upon GPU acceleration with a common pain point: legacy cloud providers make it extremely difficult to scale because they offer a limited variety of compute ... Read full article.