Coreweave, an AI company in close partnership with Bitcoin Miner Core Scientific (Corz), filed for an preliminary public offer (IPO) today.

The company is expected to raise $ 4 billion with a valuation of more than $ 35 billion.

Today’s filing showed that the company had seen $ 1.9 billion in revenue in 2024, resulting in a net loss of $ 863 million due to the company’s AI-related investment. The company currently has an accumulated deficit of $ 1.5 billion.

Coreweave has Vervet Core Scientific’s help to build 500 megawatts (MW) infrastructure for AI-related purposes. The latter company was former Coreweave’s largest GPU supplier when the former was still mining.

The move comes as the demand for AI has spiked significantly in the middle of the adoption of the technology from small retail users to large institutions. Coreweave said the AI ​​industry will generate a cumulative global economic effect of $ 20 trillion or 3.5% of the global GDP by 2030, according to IDC.

The shares in Corz have increased by 3.5% trade after the market.

Read more: Bitcoin mine workers turn to AI to survive. Core Scientific stepped into the race many years ago