CoreWeave Seeks $4 Billion in IPO, Reports $1.9 Billion Revenue for 2024

March 3, 2025 — New York, NY — CoreWeave, an AI-focused cloud computing firm backed by Nvidia, has officially filed for an initial public offering (IPO) with the U.S. Securities and Exchange Commission (SEC). The company, which reported a staggering $1.9 billion in revenue for 2024, aims to raise $4 billion, potentially valuing it at over $35 billion. CoreWeave plans to list on the Nasdaq under the ticker symbol "CRWV".

Impressive Financial Performance and Growth

CoreWeave's revenue for 2024 reflects a 700% year-over-year growth, surging from $228.9 million in 2023. However, its net loss expanded to $863.4 million, attributed to substantial investments in AI infrastructure and services. A significant portion of the firm's revenue—about 62%—came from Microsoft, indicating a notable customer concentration risk.

The company’s rapid growth underscores the escalating demand for AI-optimized cloud services, especially those powered by GPUs. CoreWeave, founded in 2017, operates 32 data centers equipped with more than 250,000 GPUs, allowing it to efficiently handle computational-heavy AI workloads.

Strategic Market Position

Initially focused on Ethereum mining, CoreWeave shifted its resources to AI and cloud computing following Ethereum's transition to a proof-of-stake model in 2022. This pivot proved timely as the demand for AI capabilities skyrocketed. The company’s infrastructure, leveraging Nvidia GPUs, positions it as a key competitor to giants like Amazon Web Services (AWS) and Microsoft Azure.

As of December 31, 2024, CoreWeave reported $15.1 billion in remaining performance obligations, a 53% increase from the previous year, highlighting a robust pipeline of future revenues.

Expert Opinions and Market Analysis

Daniel Ives, an analyst at Wedbush Securities, commented:
"CoreWeave’s IPO could be a game-changer for AI infrastructure providers. Their impressive revenue growth, backed by Nvidia's technology, underscores a significant shift towards AI-centric cloud services."

Meanwhile, concerns linger about CoreWeave's customer concentration and growing losses. Some analysts warn that the heavy reliance on Microsoft could pose risks if the partnership dynamics shift.

Ethereum Metrics and Impact

CoreWeave's transition from Ethereum mining to AI workloads reflects broader shifts in the GPU market. Key Ethereum metrics also show potential indirect impacts:

• Network Activity: Ethereum's daily transaction count has remained above 1 million, indicating sustained demand despite the market's volatility.
• Gas Fees: The average gas fee has dropped to $3.10, suggesting improved efficiency post-merge.
• Staked ETH: Over 27 million ETH are now staked, highlighting confidence in Ethereum's proof-of-stake network.

While CoreWeave's move away from Ethereum mining reduced GPU demand for crypto activities, it bolstered AI-centric use cases, indirectly affecting Ethereum's ecosystem by reallocating computational resources.

Final Thought

CoreWeave's IPO filing marks a pivotal moment for AI-focused cloud infrastructure providers. With Nvidia's backing and a rapidly expanding market for AI services, the company's public listing could set a precedent for other AI startups. Investors, however, must weigh the promising revenue growth against the risks of customer concentration and mounting losses.