No Contracts Cancelled, Says CoreWeave
IPO-bound AI cloud startup CoreWeave has denied reports that its largest customer, Microsoft, has withdrawn from some agreements. The Financial Times (FT) reported that Microsoft moved away from certain contracts due to delivery issues and missed deadlines, but CoreWeave dismissed these claims.
“We pride ourselves in our client partnerships, and there have been no contract cancellations or walking away from commitments. Any claim to the contrary is false and misleading,” a CoreWeave spokesperson told Reuters.
Microsoft Remains a Key Partner
While the FT report suggested that Microsoft had stepped back from some agreements, it also confirmed that several contracts remain in place. However, Microsoft declined to comment on the matter.
Microsoft is CoreWeave’s largest customer, contributing 62% of the company’s revenue, or approximately $1.2 billion in 2024, according to a company filing. CoreWeave has previously warned that any reduction in Microsoft’s demand or a shift in their relationship could significantly impact its business.
CoreWeave Prepares for $35 Billion IPO
Founded in 2017, the company is backed by Nvidia and provides access to data centers and AI-optimized chips, competing with cloud giants like Microsoft Azure and Amazon AWS.
The company is preparing for an initial public offering (IPO) in New York, aiming for a valuation of over $35 billion. Reuters previously reported that CoreWeave is targeting over $3 billion from its share sale, making it one of the biggest IPOs in recent years.
With inputs from Reuters
