Nvidia-backed AI firm signs $12b AI cloud deal with OpenAI

CoreWeave, an AI infrastructure provider, has signed a five-year contract worth US$11.9 billion with OpenAI to provide cloud computing services.

This agreement, which has not been publicly confirmed, comes as CoreWeave prepares for its IPO in the coming weeks.

As part of the agreement, OpenAI will receive US$350 million in CoreWeave shares during the IPO, but CoreWeave will not gain directly from it.

In its IPO filing, CoreWeave reported US$1.92 billion in 2024 revenue, up from US$228.9 million in 2023, but recorded an US$863.4 million net loss.

The IPO, led by Morgan Stanley, JPMorgan Chase, and Goldman Sachs, remains subject to market conditions, and neither company has commented on the deal.

Recent CoreWeave developments

Timeline
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