CoreWeave IPO Valuation Deep Dive

Last updated on 31 March 2025·AI, Semiconductors

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CoreWeave goes public

CoreWeave (trading under tickerCRWV)went public on Friday 27th March 2025, valued at $23B (enterprise value of $30B) and we've benchmarked its valuation to the closest comps

This was a lukewarm IPO. The stock fell 5% in the first hours of trading and then rebounded to the opening price of $40.

CoreWeave's IPO was (is) a hope for the stalled tech IPO market that has a number of companies in the pipeline (Klarna, Revolut, Figma, Discord, to name just a few).

About CoreWeave

CoreWeave is an AI-focused cloud computing provider that specializes in GPU infrastructure for artificial intelligence workloads. Founded in 2017 as a cryptocurrency mining operation, the company pivoted to AI cloud services in 2019 and is headquartered in Livingston, New Jersey with approximately 550 employees. The company operates 32 data centers across the United States and Europe, housing a fleet of 250,000 GPUs and delivers purpose-built cloud infrastructure optimized specifically for AI applications, differentiating itself from traditional cloud providers with legacy architectures. CoreWeave maintains strategic partnerships with NVIDIA, serving as one of their largest customers for A100 and H100 GPUs, with NVIDIA holding approximately 5% equity in the company.

The company has demonstrated rapid financial growth, with first quarter 2025 revenue of $981.6 million representing 420% year-over-year growth and full-year 2024 revenue reaching $1.9 billion, up 730% from $229 million in 2023. CoreWeave projects 2025 revenue between $4.9-5.1 billion and maintains a revenue backlog of $25.9 billion. However, the company remains unprofitable with net losses of $863 million in 2024 due to substantial infrastructure investments and debt servicing costs. Customer concentration is significant, with Microsoft representing 62% of 2024 revenue, though recent partnerships including a five-year, $11.9 billion contract with OpenAI demonstrate diversification efforts.

Data and methodology

Underlying data

Public markets data is powered by FactSet (consensus analyst estimates), and Morningstar (historical data). Data points are calendarized to December where relevant: retrieved data on financial year ends (e.g. FY, FY+1 etc.) are mapped to calendar years (2025A, 2026E etc.) before the appropriate month weights are then applied to prior/future fundamentals.

Private transaction data is multi-sourced, aggregated from harvesting public information, 3rd party APIs, and data engineering. All data is verified and provided with an extensive manual process. If data permits, we apply our own logic to get to the EV. For example, for a large M&A deal with available information on the target's net debt, we might adjust a valuation to fully reflect an accurate EV. In all other cases, we take the reported valuation as the numerator. Financials: we source LTM revenue and LTM EBITDA data from company filings, press releases, or other verified sources. If LTM data is unavailable, we take the 'next best-fit' period (run-rate or calendar year), provided it makes sense in a given case. For example, if a deal closed in November 2025, we might take full-year 2025 revenue as a revenue benchmark.

Any raw figures are harmonised to USD for comparison purposes.

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