Is CoreWeave Eyeing an IPO?
CoreWeave, which provides NVIDIA GPU-based AI infrastructure in the form of cloud services, is advertising job openings for an Investor Relations Director and an SEC reporting specialist, in a hint that the company may be eyeing an initial public offering (IPO).
Late in March 2022, Bloomberg reported that people familiar with the matter told the publication anonymously that CoreWeave was in talks to raise equity capital that would bring its valuation from last year’s $7 billion to $16 billion—a figure significantly higher than the valuation of recently IPO'd Rubrik.
CoreWeave, which is in the catbird's seat of AI infrastructure, has been raising capital for awhile in order to fuel its dramatic growth. In December 2022, the company conducted the minority stake sale that brought its valuation to $7 billion. In August 2023, the company scored a $2.3 billion debt financing facility led by Magnetar Capital and Blackstone. And earlier, in April 2023, CoreWeave closed on $421 million in Series B funds led by Magnetar, with participation from NVIDIA and other investors.
CoreWeave has poured its gains into building out a sizable GPU infrastructure, which includes three U.S. regional centers in Weehawken, N.J., Chicago, Ill., and Las Vegas, Nev. – which are linked together by 400-Gb/s dark fiber. The company also has been building a $1.6 billion datacenter in Plano, Texas, and has been busily leasing more space in Oregon and Georgia. And in March 2024, CoreWeave and bitcoin mining company Core Scientific sealed a contract whereby Core will lease to CoreWeave 16 MW of datacenter infrastructure in Austin, Texas. The company now claims to have 14 datacenter locations nationwide.
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