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.

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,

CoreWeave signed a five-year, $11.9 billion deal to provide AI infrastructure to OpenAI and will receive $350 million in CoreWeave shares.

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.

OpenAI has signed a five-year contract with a value up to $11.9 billion with the GPU-heavy cloud service provider CoreWeave on Monday

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.

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,