CoreWeave plans Nasdaq IPO, showing significant revenue growth
fool.com —
CoreWeave, a company backed by Nvidia, plans to go public on Nasdaq under the symbol CRWV. Founded in 2017 for cryptocurrency mining, it shifted focus to AI computing in 2020, leveraging Nvidia's technology and investment. The company reported significant growth, with revenue jumping from $15.8 million in 2022 to an estimated $1.9 billion in 2024. CoreWeave's unique AI-optimized GPU clusters and proprietary software aim to improve efficiency in cloud computing. However, 62% of its revenue comes from Microsoft, raising concerns about dependency. CoreWeave's future may be closely linked to Nvidia's success and the evolving AI market, presenting both opportunities and risks for potential investors.