US-based AI cloud hosting firm CoreWeave is aiming to raise around $2.7bn in its upcoming initial public offering (IPO).
The company has filed a registration statement on Form S-1 with the US Securities and Exchange Commission (SEC) to offer 49 million shares to the public.
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The company, which is backed by Nvidia, has set a price range of $47 to $55 per share for the offering.
The IPO will include 47,178,660 shares of Class A common stock to be offered by CoreWeave itself, along with an additional 1,821,340 shares from existing stockholders.
CoreWeave has applied to list its shares on the Nasdaq Global Select Market under the ticker symbol “CRWV.”
The roadshow for the IPO has already been launched as the company moves forward with its listing.
Currently, technology giant Nvidia owns 5.96% of CoreWeave’s Class A shares. Following completion of IPO, Nvidia’s stake is expected to reduce to 5.05%, reported Reuters.
CoreWeave said it will not receive proceeds from the shares’ sale by the existing stockholders.
Additionally, the company plans to grant underwriters a 30-day option to purchase up to an additional 7.35 million shares to cover over-allotments.
Morgan Stanley, J.P. Morgan, and Goldman Sachs & Co. are serving as joint lead bookrunners for the proposed offering.
Other financial institutions, including Barclays and Citigroup, are also participating as joint bookrunners, with several others acting as co-managers.
Recently, CoreWeave signed a $11.9bn infrastructure contract with OpenAI, the creator of ChatGPT.
As part of the IPO, CoreWeave plans to issue $350m worth shares through a private placement to OpenAI, according to Reuters.
