2017–2021
The company was founded in 2017 in New Jersey[2] by three commodities traders—Michael Intrator, Brian Venturo, and Brannin McBee,[2][3] as well as Peter Salanki.[7] Originally known as Atlantic Crypto, it initially operated as a cryptocurrency mining company, mining ethereum using graphics processing units. In the wake of the 2018 cryptocurrency crash, in 2019 the company was renamed CoreWeave, leveraging its large inventory of GPUs to start providing cloud computing infrastructure to companies.[2][3][8]
2022–2023
CoreWeave was operating three data centers in 2022, all in the United States.[8] In the summer of 2022, the company invested heavily in Nvidia's latest and fastest H100 chips, spending around $100 million on the purchases.[2] CoreWeave launched an accelerator program in October 2022, which gives startup companies "compute credits in addition to discounts and other hardware resources on the CoreWeave cloud."[9] As the market demand for AI processing increased in 2022 and 2023,[3] CoreWeave, which had unique access to Nvidia GPUs,[10] saw its business jump considerably. With CoreWeave signing clients such as Stability AI, CoreWeave continued to buy chips and build out new data centers, with its data center technicians installing 6,000 miles of fiber-optic cabling in 2023.[3]
2024
The company raised $1.1 billion in funding led by Coatue Management in May 2024, reportedly valuing the company at $19 billion.[4][14] According to a Bloomberg News report in October 2024, Cisco was set to invest in CoreWeave as well, reportedly valuing the company at $23 billion.[15] Also in October 2024, CoreWeave announced that it secured a $650million credit line for expanding its operations and data centers.[16] Goldman Sachs, JPMorgan Chase and Morgan Stanley were among those who led the financing.[16]
2025
In February 2025, CoreWeave was reported to be the first cloud provider to make Nvidia GB200 NVL72 chips available via cloud computing. IBM announced it would use the GB200 clusters to train its Granite AI.[27] In March 2025, CoreWeave announced the acquisition of the AI platform developer Weights & Biases, reportedly for around $1.7 billion.[28] Also in March, OpenAI signed a five-year cloud-computing contract worth approximately $12 billion with CoreWeave for its AI infrastructure needs. The deal allowed OpenAI to acquire a stake in CoreWeave through a private placement of $350 million worth of shares during the IPO.[29]
CoreWeave reduced its IPO size from $2.7 billion to $1.5 billion on March 27, 2025.[30] It went public on March 28, 2025, raising $1.5 billion, and was the largest AI-related listing by amount raised, according to Dealogic.[31]
2026
In January 2026, CoreWeave received $2 billion in investment from NVIDIA at a purchase price of $87.20 per share as they expand their partnership to boost CoreWeave's data center build out.[36]
In February 2026, CoreWeave sought $8.5b in new financing, using major AI infrastructure contracts with Meta Platforms as collateral.[37]
In April 2026, CoreWeave announced a multi-year agreement with Anthropic to provide Nvidia GPU capacity for production-scale Claude inference workloads, and separately priced an upsized $3.5 billion convertible senior notes offering, developments that came within 48 hours of a separate $21 billion expansion of its infrastructure partnership with Meta.[38]
