New Jersey-based AI hyperscaler CoreWeave is moving closer toward its initial public offering.

As NJBIZ has reported, CoreWeave has been making headlines with a slew of notable recent announcements, including a major agreement with OpenAI as well as the filing of its IPO prospectus with the U.S. Securities and Exchange Commission.

On March 20, the company announced the next steps in the IPO – launching the roadshow and providing more information on the offering in a filing with the SEC. Key details of the CoreWeave IPO include:

• Plans to offer 49 million shares of Class A common stock to the public
• IPO price is expected to be between $47 – $55 per share
• Plans to raise $2.7 billion
• Upon completion of the offering, the three co-founders will control most of the voting power:
  • • CEO Michael Intrator 38.2%
    • Chief Strategy Officer Brian Venturo 25.6%
    • Chief Data Officer Brannin McBee 19.4%
• Applied to list its stock on the Nasdaq Stock Market under the symbol CRWV
• Morgan Stanley, J.P. Morgan and Goldman Sachs act as joint lead bookrunners

Case in point

In the prospectus for the IPO launch, CoreWeave reported $1.9 billion in revenue last year, a 737% jump from 2023.

At the end of 2024, CoreWeave operated 32 data centers with more than 250,000 Nvidia graphics processing units (GPU).

The company is making a major investment into a data center and hub at the NEST in Kenilworth – and is a founding partner in the NJ AI Hub. Gov. Phil Murphy regularly cites CoreWeave as an example of New Jersey’s potential to impact the rapidly growing and evolving AI and machine learning space.

On March 24, CoreWeave announced the latest hiring for its leadership team – tapping Jean English as chief marketing officer. She brings more than 20 years of marketing and communications leadership to the role, most recently serving as CMO at Juniper Networks.

“CoreWeave is helping to power the AI innovations reshaping our lives. At this pivotal moment, Jean will be instrumental in further progressing our market presence and leadership,” said Intrator. “As a new member of CoreWeave’s leadership team, Jean’s extensive marketing and communications expertise will be integral to stewarding and working to grow our brand.”

“CoreWeave has established itself as a leading provider of highly-performant, efficient, and scalable AI cloud solutions,” said English. “I’m excited to help shape the company’s next chapter and further elevate our brand and leadership position in the market.”