CoreWeave, an AI cloud provider backed by Nvidia, filed paperwork for an initial public offering on Monday—kicking off what investors hope will be a long-awaited wave of tech IPOs.
But the New Jersey company’s S-1 filing revealed some significant flags in the business even as red-hot demand for AI has sent its top line soaring by more than 700% in its most recent year. Just two customers accounted for 77% of that revenue, while losses have ballooned, CoreWeave stated in its prospectus, which also warned of “material weaknesses” in the company’s capacity to manage its internal financial reporting and IT systems.
