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AI Firm Partners with Core Scientific to Build 500 Megawatts of AI Infrastructure
CoreWeave, an AI firm in close partnership with bitcoin miner Core Scientific (CORZ), has filed for an initial public offering (IPO) today. The company is expected to raise $4 billion, with a valuation of more than $35 billion.
CoreWeave’s Financials
In its filing, CoreWeave reported $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to the firm’s AI-related investments. The company currently carries an accumulated deficit of $1.5 billion.
Partnership with Core Scientific
CoreWeave has enlisted Core Scientific’s assistance to build 500 megawatts (MW) of infrastructure for AI-related purposes. The latter company used to be CoreWeave’s biggest GPU supplier when the former was still mining ether.
The Rise of AI
The move comes as demand for AI has spiked significantly amid the adoption of the tech from small retail users to large institutions. CoreWeave believes that the AI industry will generate a cumulative global economic impact of $20 trillion, or 3.5% of global GDP, by 2030, according to IDC.
Conclusion
In its IPO filing, CoreWeave highlights its strategic partnership with Core Scientific, which has enabled the company to build significant infrastructure for AI-related purposes. With a valuation of over $35 billion, the company is poised to make a significant impact in the AI industry, which is expected to generate significant economic growth in the coming years.
FAQs
Q: What is CoreWeave’s expected valuation in the IPO?
A: $35 billion
Q: How much is CoreWeave expected to raise in the IPO?
A: $4 billion
Q: What is the purpose of CoreWeave’s partnership with Core Scientific?
A: To build 500 megawatts of infrastructure for AI-related purposes
Q: What is the expected growth of the AI industry by 2030?
A: $20 trillion, or 3.5% of global GDP, according to IDC
Q: What is the current financial situation of CoreWeave?
A: The company reported $1.9 billion in revenue in 2024, resulting in a net loss of $863 million due to AI-related investments. The company currently carries an accumulated deficit of $1.5 billion.
