CoreWeave has filed for what could become one of 2025's most significant tech IPOs.
New Jersey based company that switched from crypto mining six years ago to AI infrastructure has officially filed its S-1 registration You can find out more about this by clicking here. Morgan Stanley Goldman Sachs JPMorgan are the three lead underwriters that Morgan Stanley sent on Monday to SEC.
While reports had previously detailed CoreWeave's $4 billion raise, at a valuation exceeding $35 billion, wWhat stands out about its performance is the financial side.
These numbers show a rapid growth of the cloud computing firm, which is in line with an external boom in demand for AI infrastructure.
CoreWeave’s own financial information cited in its filing shows that CoreWeave generated $1.9 billion for the fiscal year 2024. This represents a staggering 737 percent increase over 2023.
CoreWeave, despite its rapid growth, recorded a net loss of $863.4 millions, a result of substantial investments in infrastructure and high interest costs on debts totaling nearly $8 billion.
The company's most recent quarterly results showed $747.4 million in revenue with a 76% gross margin and $112.7 million in operating income.
CoreWeave has also revealed $15.1 billion of unfulfilled contracts obligations. This provides a significant amount of revenue visibility.
Those numbers still have people wondering if revenue might shift the other way.
"This is just a big pile of quickly depreciating GPUs and servers in a few buildings, with some ‘in the money’ contracts signed during a shortage," Jeffrey Emanuel founder and CEO, AI-powered Layer 1 Chain Pastel Network The following is a list of the most recent posts on this website: On X.
"If the market turns to a GPU oversupply scenario, people are going to look through to the underlying spot earnings and it's going to be really ugly," He said.
CoreWeave has not responded to your email. Decrypt's Please comment on this point.
In 2017, Atlantic Crypto was established by Michael Intrator (former commodities trader), Brian Venturo and Brannin McBee. The company began mining Ethereum, but in 2019 it strategically shifted to AI infrastructure.
The shift positioned CoreWeave to capitalize on the AI boom following OpenAI's ChatGPT release in 2022.
"Legacy cloud providers make it extremely difficult to scale because they offer a limited variety of compute options at monopolistic prices," Introductory CEO Writer CoreWeave’s blog for 2021 highlights the target market.
The filing states that Intrator has about 38% voting power.
Sebastian Sinclair edited the book