💨 Abstract

CoreWeave, a startup backed by Nvidia, has signed a $11.9 billion, five-year deal with OpenAI for cloud computing services before its IPO. OpenAI will receive a stake, with CoreWeave issuing $350 million in shares during the IPO. The deal is subject to market conditions, and CoreWeave won't receive IPO proceeds from the private placement.

Courtesy: theprint.in

Summarized by Einstein Beta 🤖