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.

As part of this deal, OpenAI will become an investor in CoreWeave through the issuance of $350 million of CoreWeave stock

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.

The latest news comes amid a move toward a potential IPO for the Jersey-born company, which "remain[s] a partner-of-choice to meet the bleeding-edge needs of pioneers to unleash AI’s potential to change the world,

Nvidia (NASDAQ:NVDA)-backed AI startup CoreWeave signed a five-year contract to deliver AI infrastructure with OpenAI. The contract value for this strategic deal is up to $11.9B This agreement is part of CoreWeave's preparations for its highly anticipated initial public offering,

As part of the agreement, OpenAI will invest $350m in CoreWeave through the purchase of CoreWeave stock. CoreWeave plans to issue shares through a private placement to OpenAI, at