(Bloomberg) -- CoreWeave, a cloud-computing provider that’s one of the hottest startups in artificial intelligence, has selected Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to lead its planned initial public offering, according to people familiar with the matter.
The company is planning to go public next year, the people said, asking not to be identified because the information is private.
Preparations are ongoing and more banks could be added to the share sale, the people said. Representatives for CoreWeave, Morgan Stanley and JPMorgan declined to comment. A spokesperson for Goldman Sachs didn’t immediately respond to requests for comment.
CoreWeave is set to join a wave of companies preparing for potential 2025 listings, amid expectations that the US IPO market could return to its pre-pandemic average. The company has drawn backing from tech giants including Cisco Systems Inc., which agreed to invest in CoreWeave as part of a transaction valuing it at $23 billion, Bloomberg News reported in October.
Roseland, New Jersey-based CoreWeave, led by co-founder and Chief Executive Officer Michael Intrator, was started in 2017 as a crypto mining firm and counts Nvidia Corp., Magnetar Capital, Coatue Management, Jane Street, JPMorgan Asset Management and Fidelity among its investors.
The cloud computing infrastructure firm was an early adopter of Nvidia’s graphics chips for data centers, getting ahead of a wave of demand for powerful processors to run AI applications. It’s building out data centers based on Nvidia’s chips to offer AI-related computing.
CoreWeave closed a $650 million credit facility led by JPMorgan, Goldman Sachs and Morgan Stanley, according to a statement last month. CoreWeave expects to open 28 data centers globally by the end of this year, with an additional 10 new data centers planned in 2025, the statement shows.
(Updates with Morgan Stanley response in third paragraph.)
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