News Summary

CoreWeave, a prominent AI startup backed by Nvidia, has secured a significant five-year cloud-computing contract valued at $11.9 billion with OpenAI. This strategic partnership will see CoreWeave providing essential cloud services to OpenAI while also granting OpenAI a stake in CoreWeave. In anticipation of its upcoming IPO, CoreWeave plans to issue shares worth $350 million through a private placement. The Livingston, New Jersey-based company is gearing up for its stock market debut soon, with specifics to be detailed in the updated IPO filing. The timing and size of CoreWeave’s public listing are contingent on market conditions, and the terms of the agreement with OpenAI may still evolve.