Nvidia-backed AI startup CoreWeave mulls share sale at $23B valuation: report

Nvidia-backed (NASDAQ:NVDA) artificial intelligence startup CoreWeave has nearly tripled its valuation in less than a year, and is now considering a share sale as it nears a potential initial public offering next year, according to a report by Bloomberg on Friday.

CoreWeave is a New Jersey-based cloud provider that gives users access to an array of GPUs, including Nvidia’s H200 Tensor Core models, for training large language models, inference and high-performance computing applications.

The startup is considering the idea of allowing current shareholders, such as employees, to sell up to $500M worth of shares at a $23B valuation, according to people close to the matter, Bloomberg reported.

CoreWeave was valued at $19.1B in May following its latest funding round. It was valued at $7B last December.

Some of its primary investors include Nvidia, Blackstone, Coatue, Magnetar, Altimeter Capital, Fidelity and Lykos Global Management.

CoreWeave plans to have 28 data centers built by the end of the year. It is also building data centers in Europe. It has two in the U.K., and plans to open others in Norway, Sweden and Spain by the end of 2025.