OpenAI pumps 11.9 billion US dollars into CoreWeave
After Microsoft, OpenAI is now booking CoreWeave systems for huge sums of money. The timing before the IPO is probably no coincidence.
A fictitious data center.
(Image: IM Imagery/Shutterstock.com)
The start-up CoreWeave, which has close ties to Microsoft, is now also receiving a billion-dollar cash injection from OpenAI, another Microsoft-affiliated company. A total of “up to” 11.9 billion US dollars is involved.
97 percent of this will flow into hardware bookings: CoreWeave earns its money with cloud data centers for training and executing (inferencing) AI models. The company primarily relies on GPU accelerators from Nvidia. According to the announcement, OpenAI intends to use these systems for the further development and inference of its AI models.
IPO boost
OpenAI is securing company shares for the remaining 350 million US dollars as part of the upcoming initial public offering (IPO). The parties involved are not revealing the size of the stake. According to the news agency Reuters, CoreWeave is aiming for a market valuation of 35 billion US dollars.
The IPO registration statement filed with the US Securities and Exchange Commission (SEC) illustrates how closely Microsoft and CoreWeave are linked. In 2024, CoreWeave generated 62 percent of its annual revenue with servers for Microsoft. This corresponds to just under USD 1.2 billion out of a good USD 1.9 billion. All other customers previously accounted for less than 10 percent of revenue.
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CoreWeave increased its revenue more than eightfold in 2024 – In 2023, it was still USD 229,000. So far, however, the start-up has continuously made a net loss: just under USD 594,000 in 2023 and a good USD 863,000 in 2024.
It is unclear when the OpenAI billions will flow. However, the announcement alone is enough to boost CoreWeave's IPO. To date, OpenAI has mainly used servers from its partner Microsoft, which is also one of the largest OpenAI investors.
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