• CoreWeave plans to file for IPO within a week, seeking to raise $4 billion
• The AI cloud computing firm is targeting a valuation over $35 billion
• CoreWeave and Core Scientific announced a $1.2 billion data center expansion in Texas
• The company was an early adopter of Nvidia’s graphics chips for data centers
• CoreWeave’s investors include Cisco Systems, Nvidia, Magnetar Capital, and Fidelity Management

Cloud computing provider CoreWeave is preparing to file publicly for an initial public offering (IPO) in the United States within a week, according to people familiar with the matter. The company aims to raise approximately $4 billion from the listing.

The AI-focused firm is targeting a valuation greater than $35 billion. This would mark one of the largest tech IPOs of the year. The details of the IPO plan could still change, and the filing timing may be delayed.

CoreWeave has not yet responded to requests for comment on the potential filing. The company has selected Morgan Stanley, Goldman Sachs Group Inc., and JPMorgan Chase & Co. to lead its IPO.

The company closed a $650 million credit facility led by these same banks in October. This move helped strengthen its financial position ahead of the planned public offering.

Early Adopter

CoreWeave has emerged as one of the hottest startups in the artificial intelligence sector. The cloud infrastructure company was an early adopter of Nvidia’s graphics chips for data centers.

This early adoption gave CoreWeave an advantage as demand for powerful processors to run AI applications surged. The company is now building out data centers based on Nvidia’s chips to offer AI-related computing services.

The firm has attracted investments from major tech companies and investment firms. Cisco Systems agreed to invest in CoreWeave as part of a transaction that valued the company at $23 billion in October.

Other investors include Nvidia Corp., Magnetar Capital, Coatue Management, Jane Street, Fidelity Management & Research, and Lykos Global Management. This backing from industry giants has helped fuel CoreWeave’s rapid growth.

On Wednesday, CoreWeave and bitcoin mining firm Core Scientific announced plans for a $1.2 billion data center expansion in Texas. This partnership shows the company’s continued commitment to expanding its infrastructure.

CoreWeave’s path to the public market has been closely followed by investors. Many are eager for sizable listings from tech companies as the IPO market shows signs of revival.

The company joins other tech firms planning public debuts. These include Klarna Group Plc and Genesys Cloud Services Inc., which are expected to list in the coming months.

Other Crypto IPOs

CoreWeave’s IPO plan also comes amid a wave of listings by crypto-related firms. Blockchain.com, BitGo, Gemini, and eToro have all recently pursued public offerings in the United States.

Many of the top-performing US market debuts over the past two years have benefited from excitement surrounding artificial intelligence. CoreWeave’s business model puts it at the center of this trend.

The company specializes in providing the computing infrastructure needed for AI development and applications. This positions CoreWeave to potentially benefit from continued growth in the AI sector.

CoreWeave’s public filing, if it proceeds as reported, would provide investors with more details about the company’s financial performance and growth strategy. The documents would offer insight into how the AI infrastructure provider plans to compete in the expanding market.