EXCLUSIVE-CoreWeave strikes $12 billion contract with OpenAI ahead of IPO, sources say
By Echo Wang
NEW YORK, March 10 (Reuters) - CoreWeave, an artificial intelligence startup backed by Nvidia NVDA.O, has signed a five-year contract worth $11.9 billion with OpenAI to provide cloud computing services ahead of its hotly-anticipated stock market launch, people familiar with the matter told Reuters on Monday.
The deal will give OpenAI a stake in CoreWeave, which will issue shares worth $350 million through a private placement at the time of its initial public offering, the sources said, requesting anonymity as the discussions are confidential.
CoreWeave will not receive any IPO proceeds as part of the private placement, the sources said. The company is expected to list its shares in New York in the coming weeks, the sources added, cautioning that the timing and size of CoreWeave's stock market launch is subject to market conditions and the terms of the deal with OpenAI could change.
CoreWeave declined to comment. OpenAI did not immediately respond to requests for comment.
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