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Investing.com -- AI cloud firm Coreweave has submitted its documents for an initial public offering (IPO) in the U.S. The company intends to list its Class A common stock on The Nasdaq Stock Market LLC, using the symbol "CRWV". As of now, Coreweave has not specified the number of shares to be offered or the anticipated offering price.

The IPO is being led by J.P. Morgan, Morgan Stanley, and Goldman Sachs. Coreweave’s financial performance in 2024 showed a revenue growth of 737%, with the total revenue amounting to $1.9 billion. The operating income margin for the same year was 17%, with an adjusted operating income margin of 19%. However, the net loss for 2024 stood at $863 million, with an adjusted net loss of $65 million.

As of the end of 2024, Coreweave had $15.1 billion in remaining performance obligations, reflecting a 53% increase from $9.9 billion at the end of 2023. The company reported operating 32 data centers with over 250,000 GPUs online. The total contracted power reached approximately 1.3 GW as of December 31, 2024, which the company plans to roll out in the coming years.

Coreweave has been a pioneer in delivering NVIDIA (NASDAQ:NVDA) H100, H200, and GH200 clusters into production at AI scale, and was the first cloud provider to generally avail NVIDIA GB200 NVL72-based instances. The company works closely with NVIDIA to deploy the latest GPU technologies at scale and is a partner to NVIDIA.

The company believes that the impact of AI will be immense for organizations of all sizes across all sectors, leading to significant productivity gains and time and cost efficiencies. According to IDC, AI is expected to add nearly $20 trillion to the global GDP by 2030.

Coreweave is anticipated to be one of the most sought-after platforms for the world’s AI workloads. The company’s total addressable market opportunity has been estimated by evaluating the size of the large and rapidly growing AI compute software and infrastructure market. According to Bloomberg Intelligence, the market for AI inference/fine-tuning, AI workload monitoring, and training infrastructure will increase by over $300 billion from 2023 to 2028, growing at a CAGR of 38% from approximately $79 billion in 2023 to approximately $399 billion by 2028. This market opportunity is expected to include $330 billion related to training infrastructure, $49 billion related to inference infrastructure, and $20 billion related to workload monitoring, all of which are supportable by Coreweave.

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CoreWeave (CRWV) has filed for a proposed IPO.

The company describes itself as: "CoreWeave powers the creation and delivery of the intelligence that drives innovation.

We are the AI HyperscalerTM driving the AI revolution.1 Our CoreWeave Cloud Platform consists of our proprietary software and cloud services that deliver the software and software intelligence needed to manage complex AI infrastructure at scale. Our platform supports the development and use of ground-breaking models and the delivery of the next generation of AI applications that are changing the way we live and work across the globe—our platform is trusted by some of the world’s leading AI labs and AI enterprises, including Cohere Inc. (“Cohere”), International Business Machines Corporation (NYSE:IBM) (“IBM”), Meta Platforms (NASDAQ:META), Inc. (“Meta”), Microsoft Corporation (NASDAQ:MSFT) (“Microsoft”), Mistral AI SAS (“Mistral”), and NVIDIA Corporation (NASDAQ:NVDA) (“NVIDIA”)."

Morgan Stanley, J.P. Morgan and Goldman Sachs & Co (NYSE:GS) will serve as lead underwriters.