AI hyperscaler and former crypto miner CoreWeave has signed a landmark $11.9 billion deal with OpenAI to expand compute capacity for training and deploying its next-generation artificial intelligence models. The agreement reinforces CoreWeave’s growing influence in the AI infrastructure space, supporting OpenAI’s rapid user expansion.

CoreWeave’s Expanding Role in AI Compute

CoreWeave, known for providing high-performance cloud infrastructure to major tech players like IBM, Meta, and Microsoft, has experienced exponential growth since pivoting from Ethereum mining. Under the new agreement, CoreWeave will provide OpenAI with access to its advanced Nvidia GPU-powered cloud infrastructure, enabling faster model training and inference for applications like ChatGPT and OpenAI’s enterprise solutions.

Michael Intrator, CoreWeave’s co-founder and CEO, emphasized the importance of the partnership

“Partnering with OpenAI on this new contract underscores CoreWeave's proven ability to deliver reliable and performant infrastructure services, powering AI innovations for world-leading AI labs.”

As part of the deal, OpenAI will invest $350 million in CoreWeave**, acquiring company stock to solidify their long-term collaboration.

OpenAI CEO Sam Altman highlighted CoreWeave’s role in scaling AI compute capacity

“Advanced AI systems require reliable compute, and we're excited to continue scaling with CoreWeave so we can train even more powerful models and offer great services to even more users. CoreWeave is an important addition to OpenAI’s infrastructure portfolio, complementing our commercial deals with Microsoft and Oracle, and our joint venture with SoftBank on Stargate.”

CoreWeave’s Path to a $4 Billion IPO

CoreWeave is also preparing for a major stock market debut, having filed an S-1 registration statement with the SEC earlier this month. The company is looking to raise $4 billion at a $35 billion valuation via a Nasdaq IPO under the ticker “CRWV.”

If approved, the IPO would be one of the largest in recent years, with proceeds aimed at working capital, corporate expansion, debt repayment, and potential acquisitions

The firm’s rapid rise has been fueled by AI demand, with revenue skyrocketing from $229 million in 2023 to $1.9 billion in 2024.This growth comes after CoreWeave transitioned from being a dominant Ethereum miner—where mining accounted for 61% of its 2022 revenue—to a leader in AI cloud computing.

Maintaining Crypto Mining Ties

Despite its AI focus, CoreWeave has retained connections with the mining industry. In June 2024, it inked a 12-year deal with Bitcoin mining firm Core Scientific, securing 200 megawatts of power capacity to scale its AI operations. Subsequent expansions in October 2024 and February 2025 have increased CoreWeave’s contracted high-performance computing (HPC) infrastructure with Core Scientific to 590 megawatts across six sites.

This partnership is projected to generate $10.2 billion in revenue over 12 years and repurposes Core Scientific’s existing data center infrastructure for AI workloads.

Despite its success, CoreWeave faces operational challenges. Recently, the Financial Times reported that CoreWeave lost key contractual commitments from Microsoft due to delivery delays and missed deadlines. Following the news, Core Scientific’s share price dropped 13%.

This is particularly concerning, as Microsoft accounted for 62% of CoreWeave’s total revenue in 2024. In its IPO filing, CoreWeave warned that disruptions in this partnership could significantly impact its financial outlook.

CoreWeave’s High-Stakes Future

To date, CoreWeave has secured over $14.5 billion in funding across 12 financing rounds, positioning itself as a dominant force in AI infrastructure. With a mega-deal from OpenAI, a potential IPO, and growing demand for AI compute resources, CoreWeave is at a critical juncture—navigating tremendous opportunities alongside operational risks.

As AI adoption accelerates, CoreWeave’s ability to deliver on its commitments will be key to its long-term success in an increasingly competitive market.