OpenAI has signed a five-year, $11.9 billion agreement with CoreWeave, a cloud services provider specialising in AI-focused GPU infrastructure which is backed by Nvidia, according to a recent report by Reuters. 

As part of the deal, OpenAI is set to receive $350 million worth of equity in CoreWeave. The agreement comes ahead of CoreWeave's planned initial public offering (IPO).

The partnership represents a significant development for CoreWeave, which has seen rapid growth in recent years. In 2024, Microsoft accounted for 62% of CoreWeave's revenue, which surged to $1.9 billion—a nearly eightfold increase from $228.9 million in 2023, according to a recent report by Techcrunch.

As per the report, CoreWeave operates an AI-specific cloud infrastructure across 32 data centres, housing over 250,000 Nvidia GPUs as of late 2024. Since then, the company has expanded its capacity, incorporating Nvidia's latest Blackwell GPUs, designed for advanced AI reasoning. Nvidia currently holds a 6% stake in CoreWeave.