CoreWeave, a fast-growing cloud computing startup that rents specialized servers for developing artificial intelligence, has hired Morgan Stanley to sell employee stock to investors at a valuation of at least $6 billion, three times higher than its valuation in an equity financing in May, according to someone with direct knowledge.
The deal involves selling about $500 million worth of existing common shares, which would represent about 8% or CoreWeave’s stock, depending on the final valuation. CoreWeave’s three co-founders, along with some employees, are expected to take part in the sale, this person said. The deal terms CoreWeave is seeking mean prospective buyers of the stock would likely need to value the company at more than 12 times its projected 2023 revenue—roughly double the average forward revenue multiple among publicly traded cloud firms, according to Koyfin.
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