CoreWeave files for IPO targeting $35B valuation and $4B raise
Feb 27, 2025
Key Points
- CoreWeave, an AI data center provider leasing infrastructure to Microsoft, plans to raise $4 billion at a $35 billion valuation in an IPO expected within a week.
- Early investor Nic Carter entered CoreWeave at a $50 million or lower valuation, making this his best investment by a massive multiple.
- CoreWeave's IPO pricing will set a comparable for other data center players and test whether investors still believe in unlimited AI compute spending or are shifting focus to efficiency.
Summary
CoreWeave targets $35B valuation and $4B raise in IPO expected within a week
CoreWeave, an AI cloud computing provider that builds and leases data centers to companies like Microsoft, is planning to go public within a week at a ~$35 billion valuation, raising approximately $4 billion in the process.
The news prompted Nic Carter, a partner at Castle Island Ventures and early investor in CoreWeave, to post an emotional reaction on the timeline. Carter was among the first-round backers, likely entering at a $50 million post-money valuation or lower. The multiple on this deal would dwarf his earnings from his day job—he describes it as his best investment by far.
The timing carries real risk. CoreWeave is launching into a volatile market. Nvidia dropped 6% today despite beating earnings. The broader AI infrastructure narrative took a hit last week when DeepSeek's efficient model prompted fresh questions about whether the trillion-dollar data center buildout makes sense. Add macroeconomic uncertainty around potential Trump administration tariffs and you have a recipe for volatile public market reception.
Everyone in AI infrastructure is watching this one. How CoreWeave prices will likely set a comparable for other data center and compute players considering public offerings. The IPO becomes a real-time market test of whether investors still believe in unlimited AI compute spend or whether efficiency and cost concerns are starting to weigh on valuations.