The deal will give OpenAI a stake in CoreWeave, which will issue shares worth $350 million through a private placement at the time of its IPO.

CoreWeave, an artificial intelligence startup backed by Nvidia , has signed a five-year contract worth $11.9 billion with OpenAI ahead of its hotly anticipated stock market launch.

In a grandmaster-level chess move, OpenAI has signed a five-year, $11.9 billion agreement with the GPU-heavy cloud service provider CoreWeave, according