CoreWeave has secured a five-year, $11.9 billion contract with OpenAI to provide AI infrastructure. OpenAI will receive $350 million in CoreWeave stock ahead of CoreWeave's planned IPO, allowing OpenAI to integrate CoreWeave's specialized cloud services for AI development.
CoreWeave's partnership with OpenAI aims to advance AI capabilities globally and enhance OpenAI's AI model training and deployment capabilities. CoreWeave, originally a crypto-mining firm, has rapidly grown into a key AI infrastructure provider, competing with Amazon and Google. Despite reporting $1.92 billion in revenue for 2024, the company faced a net loss of $863.4 million. This partnership will allow OpenAI to diversify its computing resources beyond Microsoft, enhancing its AI model development.