AsianFin -- CoreWeave, the Nvidia-backed cloud provider, disclosed in its U.S. initial public offering (IPO) filing on Monday that its revenue surged more than eightfold in 2024, as it moves forward with the first major artificial intelligence IPO in New York this year.

The filing sets the stage for what could be one of the largest stock market debuts in recent years, arriving as the IPO market gains momentum following a seasonal slowdown in February.

Roseland, New Jersey-based CoreWeave, alongside some existing shareholders, plans to sell shares in the offering. The company is expected to target over $3 billion in proceeds from the sale, according to a Reuters report from November.

Founded in 2017, CoreWeave specializes in providing access to data centers and high-performance computing chips for AI workloads, primarily sourced from Nvidia. The firm competes with cloud giants such as Microsoft’s Azure and Amazon Web Services (AWS).

CoreWeave’s client roster includes hedge fund Jane Street, as well as tech giants Meta, IBM, and Microsoft. It is reportedly aiming for a valuation exceeding $35 billion in its New York listing, Reuters noted.

In November, CoreWeave was valued at $23 billion following a $650 million secondary share sale.