CoreWeave has filed for what could become one of 2025’s most significant tech IPOs.
The New Jersey-based company, which pivoted from crypto mining to AI infrastructure six years ago, officially submitted its S-1 registration filing to the SEC on Monday, naming Morgan Stanley, Goldman Sachs, and JPMorgan as lead underwriters.
While reports had previously detailed CoreWeave’s $4 billion raise, at a valuation exceeding $35 billion, what stands out is its financial performance.
The numbers point to an explosive growth for the cloud computing company, aligned externally with how demand for AI infrastructure has boomed.
CoreWeave reported $1.9 billion in revenue for fiscal 2024, representing a staggering 737% increase compared to 2023, according to its own financial data cited in the filing.
Despite its growth trajectory, CoreWeave recorded an $863.4 million net loss, reflecting substantial infrastructure investments and interest expenses on nearly $8 billion in debt.
The company’s most recent quarterly results showed $747.4 million in revenue with a 76% gross margin and $112.7 million in operating income.
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