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CoreWeave has secured a monumental five-year contract with OpenAI valued at $11.9 billion, aimed at providing essential data center services for artificial intelligence. This deal comes just before CoreWeave's anticipated initial public offering, marking a significant milestone for the company. As part of the agreement, OpenAI will also acquire a stake in CoreWeave worth approximately $350 million.
CoreWeave, backed by Nvidia, is set to debut on the Nasdaq soon, with projections indicating a staggering revenue increase of over 700% in 2024. The company has established a robust customer base, including major players like Microsoft, Meta, and IBM, which underscores its pivotal role in the AI infrastructure landscape. With plans to expand its data center portfolio, CoreWeave is positioning itself as a key player in the rapidly evolving AI sector.
• CoreWeave signs $11.9 billion deal with OpenAI for AI data centers.
• CoreWeave's revenue projected to soar over 700% in 2024.
Data centers are facilities used to house computer systems and associated components, crucial for AI operations.
An IPO is the process through which a private company offers shares to the public for the first time, as CoreWeave is preparing to do.
GPUs are specialized hardware used to accelerate AI computations, with CoreWeave housing over 250,000 Nvidia GPUs.
OpenAI is an AI research organization that focuses on developing and promoting friendly AI technologies, and it is a key investor in CoreWeave.
CoreWeave provides data center technology and services specifically tailored for AI applications, highlighting its importance in the AI infrastructure ecosystem.
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