CoreWeave taps major banks for 2025 IPO as valuation hits $23B

CoreWeave, a leading GPU cloud provider, has appointed Morgan Stanley, Goldman Sachs, and JPMorgan Chase as lead underwriters for its planned initial public offering (IPO), according to sources cited by Bloomberg. The company is reportedly preparing for a 2025 public listing, though additional banks may join the IPO syndicate.

CoreWeave taps major banks for 2025 IPO as valuation hits $23B

Since May 2024, rumors have swirled about CoreWeave’s potential IPO, as the company continues to draw significant investment. Founded in 2017 initially as a cryptomining firm, CoreWeave has since transitioned to providing GPU-powered cloud services for AI applications and has rapidly expanded its infrastructure. By the end of 2024, it plans to operate 28 data centers globally, with 10 more expected in 2025. CoreWeave has completed multiple high-profile funding rounds, including $1.1 billion in equity financing and $7.5 billion in private debt earlier this year, backed by prominent investors like Blackstone, Magnetar, Coatue, and BlackRock. In October, the company secured an additional $650 million, led by Goldman Sachs, JPMorgan, and Morgan Stanley, bringing its total raised over the last 18 months to $12.7 billion. The company’s valuation has surged, reportedly reaching $23 billion after recent investment rounds. In addition to interest from Cisco Systems, which has invested in the firm, Microsoft is also rumored to be considering a substantial investment of up to $10 billion by the decade’s end.