CoreWeave transitions from crypto to A.I. IPO

CoreWeave is a company that provides computing power for artificial intelligence (A.I.). It was started by three men who were originally interested in Bitcoin. Now, CoreWeave is preparing for its initial public offering (IPO) and could become the first major A.I. company to go public. The founders, Michael Intrator, Brian Venturo, and Brannin McBee, began their journey in 2016. They were fascinated by cryptocurrencies and began mining them, which requires significant computing power. They purchased powerful Nvidia graphics processing units (GPUs) to support this effort. Initially named Atlantic Crypto, the company was focused on cryptocurrency mining. When the value of cryptocurrencies dropped in 2018, the founders pivoted. They renamed their business CoreWeave and invested in more GPUs from struggling crypto miners. They believed these chips would be crucial for A.I. development, which also demands high computing power. Their prediction turned out to be correct. The popularity of A.I., especially after the launch of the OpenAI chatbot in 2022, led to a surge in demand for computing resources. CoreWeave was well-positioned to capitalize on this trend. Now, as they look towards Wall Street, CoreWeave has filed for an IPO. If all goes well, it will pave the way for their debut as a publicly traded A.I. company. However, uncertain market conditions may affect the timing of their offering.