CoreWeave, a fast-rising AI cloud provider backed by NVIDIA, has landed a massive $11.9 billion contract with OpenAI in a move that could significantly boost its upcoming initial public offering (IPO). The five-year deal, confirmed on Monday, will see CoreWeave provide AI infrastructure to OpenAI, the creator of ChatGPT.

CoreWeave, a cloud service provider specialising in GPU-heavy workloads, has signed a $11.9bn deal to provide AI infrastructure to OpenAI. This deal is expected to bolster OpenAI's compute capacity, which is said to be crucial for training and deploying advanced AI models to its global user base.

OpenAI’s new $11.9bn contract helps fill that void, and could lead to it outspending Microsoft, which accounted for 62 per cent of CoreWeave’s revenues last year, according to public disclosures. Microsoft has agreed to spend $10bn on CoreWeave’s services by 2030.