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(Bloomberg) -- CoreWeave, a cloud-computing provider that’s one of the hottest startups in artificial intelligence, filed for an initial public offering disclosing rapidly growing revenue.
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The Nvidia Corp.-backed company had revenue of $1.9 billion in 2024, resulting in a net loss of $863 million, versus revenue of $229 million and a net loss of $594 million in the previous year, according to a filing with the US Securities and Exchange Commission on Monday.
The company and its investors could raise about $4 billion and is expected to target a valuation greater than $35 billion, Bloomberg News has reported. CoreWeave and some of its shareholders are set to sell shares in the IPO.
CoreWeave joins a wave of companies preparing for potentially sizable listings this year, amid expectations that the US IPO market could return to its pre-pandemic average.
About 77% of CoreWeave’s revenue came from its top two customers in 2024, one of which was Microsoft Corp., which accounted for nearly two thirds of overall sales, the filing shows.
The company, led by co-founder and Chief Executive Officer Michael Intrator, was started in 2017 as a crypto mining firm. Along with Nvidia, the firm counts Magnetar Capital, Coatue Management, Jane Street, JPMorgan Asset Management, Fidelity and Lykos Global Management among its investors.
CoreWeave has also drawn backing from Cisco Systems Inc., which agreed to invest in CoreWeave as part of a transaction valuing it at $23 billion, Bloomberg News reported in October. Also that month, the company closed a $650 million credit facility led by JPMorgan Chase & Co., Goldman Sachs Group Inc. and Morgan Stanley.
The AI cloud company has material weaknesses in its internal controls over financial reporting, according to the section of the filing where pre-IPO companies disclose the risks to their businesses. The issues cited included insufficient IT controls over applications supporting financial reporting and a lack of qualified personnel in related roles, the filing shows.
Intrator currently controls 2.4% of the company’s Class A shares and almost half the company’s Class B shares, giving him 38% of the shareholder voting power, according to the filing. Magnetar has 7.2% of the voting power, while Nvidia controls 1.2%.