CoreWeave has struck a five-year agreement worth US$11.9 billion with OpenAI ahead of its anticipated market launch, according to Reuters.
CoreWeave will issue $350 million in shares to ChatGPT as part of the deal.
According to sources close to the matter, CoreWeave is expected to launch on the Nasdaq in the coming weeks.
CoreWeave is an AI startup whose revenue soared from $228.9 million in 2023 to $1.92 billion in 2024. In 2024, CoreWeave's biggest customer was Microsoft which accounted for 62% of the company's revenue.
In 2024, the company surpassed its goals by opening 32 data centres, which housed more than 250,000 Nvidia graphics processing units (GPU). The company plans to open 10 more in 2025. Nvidia backs the company, holding a 6% stake.
CoreWeave was valued at $19 billion in a funding round in May, and according to Reuters the company was targeting a valuation of more than $35 billion in IPO.
