CoreWeave, a rapidly growing artificial intelligence startup, raised approximately $1.5 billion in its initial public offering in March 2025. The IPO values CoreWeave at around $23 billion and is a demonstration of investors’ appetite for strong artificial intelligence companies. The company now trades on Nasdaq under the ticker symbol “CRWV”. The IPO was led by Morgan Stanley, J.P. Morgan, and Goldman Sachs.

The company’s CoreWeave Cloud Platform delivers specialized software and artificial intelligence solutions to support AI infrastructure at scale. Many leading AI companies use CoreWeave’s platform, including NVIDIA, Meta, Microsoft, IBM, Mistral, and OpenAI. CoreWeave has 32 data centers located throughout the United States to support its high-powered AI workloads. These data centers collectively run more than 250,00 graphics processing units (GPUs). CoreWeave is described as an AI Hyperscaler, which is a cloud-based company that can provide computing infrastructure and services across distributed networks at scale.

The market demand for specialized AI computing infrastructure is massive. CoreWeave generated $1.9 billion of revenue in 2024. This represents a year-over-year growth rate of 737%. In 2022, the company’s revenue was only $16 million. The company has yet to turn a profit.

Founded in 2017, the company originally went by the name Atlantic Crypto. In its early years, CoreWeave provided infrastructure for mining Ethereum. The company shifted its focus to AI after cryptocurrency prices declined and changed its name to CoreWeave.

CoreWeave is headquartered in Livingston, New Jersey, where it has over 30,000 square feet of office space. Michael Intrator, the co-founder and CEO, states that “CoreWeave is building the infrastructure to power the AI innovations that are already changing how businesses operate in the global economy.”

The three co-founders will continue to hold majority control of the voting power and ownership of the company. Following the IPO, the CEO Michael Intrator holds 37% of the company. Meanwhile, Chief Data Officer Brannin McBee controls 19% and Chief Strategy Officer Brian Venturo controls 25% of the company.

CoreWeave leases access to NVIDIA chips. In addition to being a customer and supplier, NVIDIA has been a major investor in CoreWeave’s IPO. NVIDIA contributed a $250 million order at a price of $40 per share. Other major investors included Fidelity and Magnetar Capital.

Some investors are skeptical of CoreWeave’s long-term growth potential and whether AI demand will endure. A substantial portion of CoreWeave’s revenue comes from a couple large customers, including Microsoft. In fiscal year 2024, Microsoft accounted for 62% of the company’s revenue. The AI infrastructure business is also very capital intensive, causing the company to burn through cash.

The company also has a significant amount of outstanding debt. In May 2024, CoreWeave received $7.5 billion of debt financing from investors such as Blackstone, Magnetar Capital, and Coute Management.

CoreWeave’s future ambitions include enhancing product efficiency, expanding its international footprint, growing its customer base, and delivering new solutions to existing customers. The company believes its CoreWeave Cloud Platform is optimized to run AI workloads more efficiently than competitors.