CoreWeave previously mined Ethereum, but its post-Merge AI focus now has it seeking to raise $4 billion via an IPO as revenues surge

AI hyperscaler CoreWeave, which serves top firms — including IBM, Meta and Microsoft — officially filed for an initial public offering in the U.S. on Monday, aiming to raise $4 billion at a $35 billion valuation, pending agency approval.

The IPO would offer Class A common stock on the Nasdaq under the ticker "CRWV," with the proceeds intended for working capital, corporate expenses, debt repayment and potential acquisitions, according to the firm's S-1 registration statement .

CoreWeave's planned IPO is managed by a consortium of underwriters led by Morgan Stanley, JPMorgan and Goldman Sachs, with additional underwriters including crypto investment firm Galaxy Digital​ in what could become one of the largest stock market flotations in recent years.

From Ethereum mining to the AI frontier

Before Ethereum's transition from a proof-of-work to a proof-of-stake network in 2022, known as The Merge , Ethereum mining was a substantial part of CoreWeave's business — accounting for 61% or $9.7 million of the $15.8 million total revenue generated that year.

CoreWeave was already involved in AI before The Merge, providing access to data centers and high-performance chips for AI workloads, primarily sourced from Nvidia. However, with Ethereum mining no longer an option, CoreWeave has intensified its focus on AI since then, helped by the boom in demand amid the launch of OpenAI's ChatGPT and other large language models.

"We believe AI is the next frontier for innovation in technology, driving productivity and efficiency gains and enabling new business models in nearly every industry and organization," CoreWeave wrote in the filing. "According to IDC [International Data Corporation], AI will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030."

According to the prospectus, CoreWeave's annual revenue rose to $229 million in 2023, then surged to $1.9 billion in 2024. The firm posted a net loss of $863.4 million in 2024, widening from $593.7 million in 2023, due to AI infrastructure investments, fair value adjustments and rising interest payments, despite operating income turning positive at $324.4 million. However, its strong adjusted EBITDA margin of 64% and $2.7 billion in operating cash flow indicate strong underlying profitability.

CoreWeave hasn't completely abandoned its connections with the mining industry, however. In June 2024, the firm signed a 12-year deal with Bitcoin miner Core Scientific, securing 200 megawatts of power capacity to scale its AI cloud operations. The agreement repurposes some of Core Scientific’s infrastructure for high-performance AI workloads.

Following subsequent expansions in October 2024 and February 2025, CoreWeave's total contracted HPC infrastructure with Core Scientific rose to approximately 590 megawatts across six sites, with total projected revenue now reaching $10.2 billion over the 12-year contract term.

After closing a $650 million secondary share sale in November, CoreWeave had tripled its valuation in 2024 to $23 billion, Reuters reported , citing sources familiar with the matter, adding to a total of more than $14.5 billion in debt and equity across 12 financing rounds.