CoreWeave CEO Mike Intrator testifies before the Senate Committee on Commerce, Science and Transportation in Washington on May 8, 2025.
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CoreWeave investors are having a big week.
Shares of the artificial intelligence infrastructure provider are up nearly 60% over the past five trading days, lifting the company’s market cap to about $38 billion. CoreWeave has more than doubled in value since its initial public offering in late March.
The company got a big boost after reporting 420% revenue growth in its first earnings report as a public company on Wednesday. Guidance surpassed full-year expectations as well.
A day later, CoreWeave revealed that major supplier Nvidia holds a 7% stake, up from its pre-IPO holdings. Nvidia’s holdings are now worth about $2 billion after this week’s pop.
The outperformance makes CoreWeave a standout in a market that has seen few IPOs of late, though there are signs that more companies are poised to debut. CoreWeave was the first pure-play AI IPO, and provides investors with a way to bet on the promise of generative AI, which has boomed in popularity since the launch of OpenAI’s ChatGPT in late 2022.
CoreWeave said this week that OpenAI had agreed to a four-year deal worth up to $4 billion, on top of a nearly $12 billion commitment announced in March. OpenAI on Friday announced a research preview of Codex, an AI agent that can perform several software engineering tasks at once.
Last week, CoreWeave CEO Mike Intrator testified at a Senate hearing in Washington, D.C., alongside OpenAI CEO Sam Altman; Advanced Micro Devices CEO Lisa Su; and Brad Smith, Microsoft’s president and vice chair.
WATCH: I was concerned about CoreWeave stock being too hot heading into the quarter, says Jim Cramer
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