Cloud computing provider CoreWeave submitted its initial public offering (IPO) application today. The company is expected to raise $4 billion, with a valuation exceeding $35 billion.
Documents show that the company's revenue in 2024 was $1.9 billion, but due to its investment in the field of artificial intelligence, it resulted in a net loss of $863 million.
Currently, the company has accumulated losses of up to $1.5 billion. CoreWeave, originally named Atlantic Crypto, was established in 2017 and initially provided infrastructure for Ethereum mining. As cryptocurrency prices fell, the company acquired more GPUs and renamed itself as CoreWeave, gradually shifting its focus towards graphic rendering and artificial intelligence (AI).