CoreWeave, a provider of data center technology and services tailored for artificial intelligence firms, has entered into a five-year agreement with OpenAI valued at $11. 9 billion, according to two individuals familiar with the details. As part of this arrangement, OpenAI will acquire a stake in CoreWeave estimated at approximately $350 million, linked to the company's forthcoming initial public offering (IPO), according to sources who wished to remain anonymous due to the confidential nature of the information. Reuters was the first news outlet to report on this deal. CoreWeave, which has the backing of AI chip manufacturer Nvidia, is preparing for its Nasdaq debut in the coming weeks. In its IPO prospectus released last week, the company projected a revenue increase of over 700% to $1. 92 billion in 2024, with more than 60% of that revenue coming from Microsoft, the primary investor in OpenAI. In October, CoreWeave announced a $650 million credit facility aimed at expanding its operations and data center capacity.

Over the last two years, the company has secured over $12 billion from equity and debt investors, which includes a $1. 1 billion funding round in May, reaching a valuation of $19 billion. CoreWeave indicated in its prospectus that it concluded 2024 with 32 data centers, housing over 250, 000 Nvidia graphics processing units (GPUs). This achievement exceeded the company’s previously stated goals from October, where it expected to have 28 data centers operational by the year's end, with an additional 10 planned for 2025. Alongside providing AI computing services to Microsoft, CoreWeave’s clientele also includes major companies like Meta, IBM, and Cohere.