The mysterious Ethereum mining company has turned into an AI cloud partner for Nvidia, CoreWeave (CRWV) will IPO on Nasdaq.

AI cloud computing infrastructure provider CoreWeave ( Nasdaq symbol CRWV) plans to go public on Nasdaq with a valuation of $29 billion, aiming to raise $2.5 billion. CoreWeave's clients include Cohere, IBM, Meta, Microsoft, Mistral, and NVIDIA. CoreWeave's revenue has risen more than eight times compared to the previous year, reaching $1.9 billion in 2024, with Microsoft accounting for about 62% of the company's revenue. CoreWeave has signed multi-year contracts worth approximately $1 billion with well-known companies such as Microsoft and OpenAI.

According to documents submitted by CoreWeave to the U.S. Securities and Exchange Commission on Thursday, the company, which has a long-standing partnership with NVIDIA, is selling shares at a price range of $47 to $55 per share, with an expected sale of approximately 47 million shares.

CoreWeave rents AI cloud computing hardware facilities to enterprises and provides AI model solutions. CoreWeave has 32 data centers, operating over 250,000 GPUs. CoreWeave is an early adopter of NVIDIA graphics chips and is building data centers for NVIDIA AI chips. This IPO is underwritten by Morgan Stanley, JPMorgan Chase, Goldman Sachs, and 11 other investment banks. CoreWeave's stock is expected to be listed on NASDAQ under the ticker symbol CRWV.

CoreWeave has amazed many with the fact that its predecessor had no connection to artificial intelligence. Originally established as an Ethereum mining company, it transformed into an artificial intelligence infrastructure provider after the cryptocurrency market crash in 2018, relying on the sale of its GPU inventory, creating a legend.

CoreWeave Company Background

CoreWeave was founded in 2017 and is headquartered in Livingston, New Jersey, USA. Initially named Atlantic Crypto, the company started as a mining company that used GPUs to mine Ethereum, co-founded by traders Michael Intrator, Brian Venturo, and Brannin McBee. After the cryptocurrency crash in 2018, the company utilized its stock of GPUs to provide computing resources to businesses in need and transitioned to an AI cloud infrastructure provider. The current CEO is Michael Intrator, and the registered number of employees is 881. Major investors include Nvidia, Magnetar Capital, Coatue Management, Jane Street, JPMorgan Asset Management, Fidelity, and Lykos Global Management.

CoreWeave financial condition

2024 Revenue: 1.9 billion USD.

Net loss for 2024: $863 million.

Two major transactions:

CoreWeave has reached a $11.9 billion artificial intelligence infrastructure agreement with OpenAI.

Acquiring the artificial intelligence development platform Weights & Biases with 1 million A-shares.

IPO listing details

Stock price range: $47 to $55 per share.

Number of shares issued: The company will sell approximately 47 million shares, and existing shareholders will sell approximately 1.8 million shares.

Market capitalization estimate: Based on the upper price range, the market capitalization is approximately 26 billion USD. Fully diluted, the valuation could be as high as 32 billion USD.

Founder Movements: The founders do not plan to sell shares in the IPO.

Fundraising target adjustment: The previous expectation was to raise about 4 billion USD, with a valuation exceeding 35 billion USD, but adjustments were made based on market conditions.

Equity Distribution: CEO Michael Intrator is expected to hold approximately 2% of Class A shares and nearly half of Class B shares, owning 37% of shareholder voting rights. Magnetar holds 7% of the voting rights. Nvidia holds 1.2% of the voting rights.

This article discusses the mysterious Ethereum mining company transforming into an AI cloud partner of NVIDIA, CoreWeave (CRWV), which will appear in a NASDAQ IPO earliest in Chain News ABMedia.