Enterprise Weekly #505: First GenAI IPO, Enterprise Events, and More
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This week the tech IPO drought came to a crossroads with the AI boom – CoreWeave, an AI cloud provider backed by Nvidia, filed for the first IPO of the gen AI era.
Riding the surge in AI demand, CoreWeave’s revenue has skyrocketed over 700% YoY to a staggering $1.9B. The company calls itself “the AI Hyperscaler driving the AI revolution,” emphasizing its purpose-built infrastructure designed specifically for AI workloads—unlike traditional hyperscalers optimized for web hosting and SaaS.
With a fleet of 250,000 Nvidia GPUs across 32 data centers, CoreWeave provides the high-performance computing power essential for AI model training and inference. This week, the company also announced the acquisition of AI developer platform, Weights & Biases, signaling a move toward deeper software integration, reinforcing its ambitions to be more than just an AI cloud provider.
While this is all very exciting, there are a few risk factors investors are milling over:
High customer concentration: 77% of CoreWeave’s revenue comes from just two customers, with Microsoft alone accounting for 62% alone.
Mounting losses: Net losses have surged to $863M in 2024, up from nearly $594M in 2023.
Control and ownership: The three co-founders—who come from finance and crypto rather than tech—hold 83% of the company’s voting power through a special class of stock.
Ahead of uncertain macro conditions, CoreWeave is making the bold jump into public markets. We’ll be watching to see how the market reacts to a company with mounting losses, but important AI tailwinds.
GitHub and monday.com are hosting a Software Engineering Leaders Meetup with top developers from the most exciting companies to share insights for building robust software in the AI era.
The event will cover:
• Gaining full visibility into your SDLC
• Engineering productivity from a GitHub PoV
• How AI is changing engineering workflows
• Balancing velocity and quality
🗓️ Join more Work-Bench events:
March 11th: cofounders.nyc: 'Ask Me Anything' – an informal Q&A session with Diego Oppenheimer, co-founder of Algorithmia (acq. by DataRobot)
March 12th: SpiceDB Community Showcase 2025 – hosted by AuthZed, learn more about why you need to replatform authz with SpiceDB, featuring Kelsey Hightower, Sumedha Raman and Braden Groom of Reddit and Jesse White of ReliON
March 12th: NYC Pre-Seed GTM Summit – a packed half-day summit designed to Pre-Seed enterprise, SaaS, and infra founders with the sales and marketing playbooks need to land customers and scale fast
March 17th: NYC Founders Club Founder & Friends St. Paddy's Day Ski Retreat – a private mountain buy-out for NYC founders and friends working in tech for a day of skiing, networking, and fun
March 18th: NY Enterprise Tech Meetup – a night to come learn what's top of mind from two of NYC's top fintech engineering leaders, Nik Koblov, Head of Engineering at Ramp, and Arun Kumar, CTO of Socure
March 25th: Cofounder & Founding Engineer Hang – a fun night with the cofounders.nyc community of current/future founders and founding engineers
📚 Read more news:
Business Insider: A Study of 50 Million Businesses Reveals Why Some Companies Thrive — and Others Fail
The Information: AWS Forms New AI Agent Group
📚 Read more (th)reads:
Company: Courier Health
Role: Senior Software Engineer, Full Stack
Technology: Patient Engagement Platform
Funding: $20.5M from Norwest Venture Partners and Work-Bench
🌟 Company of the Week 🌟
Momentic raises $3.7M led by FundersClub
Infrastructure / Dev Tools • Seed • San Francisco, CA
Co-Founders: Wei-Wei Wu (CEO), Jeff An
Tiga AI raises $2M led by Bull City Venture Partners
Sales / Marketing • Pre-Seed • Reston, VA
HeyMilo raises $2.2M led by Canaan Partners
HR Tech • Seed • New York, NY
Needle raises $2.2M led by 468 Capital and Presight Capital
Collaboration / Productivity • Seed • San Francisco, CA
Lemni raises $3.5M led by Sequoia Capital
Sales / Marketing • Pre-Seed • Amsterdam, The Netherlands
Copley raises $4.8M led by Asymmetric Capital Partners and Underscore VC
Sales / Marketing • Seed • Boston, MA
Conveo raises $5.3M led by 6 Degrees Capital, Entourage, and Others
Future of Work • Seed • Antwerp, Belgium
MaxIQ raises $7.8M led by Dell Technologies Capital
Sales / Marketing • Seed • San Ramon, CA
Archipelo raises $8M led by Dell Technologies Capital
Risk / Security • Seed • San Francisco, CA
Aryon Security raises $9M led by Viola Ventures and Blumberg Capital
Risk / Security • Seed • Tel Aviv, Israel
FairPlay raises $10M led by Infinity Ventures, JPMorganChase, and Nyca Partners
Data / AI / Machine Learning • Venture • New York, NY
Knostic raises $11M led by Bright Pixel Capital
Risk / Security • Seed • Tel Aviv, Israel
Ceramic raises $12M led by NEA
Data / AI / Machine Learning • Seed • San Francisco, CA
Instant $18M in Series A funding led by Hummingbird Ventures
Sales / Marketing • Series A • Sydney, Australia
Numeral raises $18M led by Benchmark
Future of Work • Series A • San Francisco, CA
LlamaIndex raises $19M led by Norwest Venture Partners
Data / AI / Machine Learning • Series A • Mountain View, CA
Cloudsmith raises $23M led by TCV
Risk / Security • Series B • Belfast, United Kingdom
Auxia raises $23.5M led by VMG Technology Partners
Sales / Marketing • Seed & Series A • Palo Alto, CA
Crogl raises $25M led by Menlo Ventures
Risk / Security • Series A • Albuquerque, NM
Firsthand raises $26M led by Radical Ventures
Sales / Marketing • Series A • New York, NY
Viam raises $30M led by Union Square Ventures
Data / AI / Machine Learning • Series C • New York, NY
Atmosic Technologies raises $40M led by Sutter Hill Ventures
Data / AI / Machine Learning • Series D • Campbell, CA
SpecterOps raises $75M led by Insight Partners
Risk / Security • Series B • Alexandria, VA
Turing raises $111M led by Khazanah Nasional Berhad
Data / AI / Machine Learning • Series E • Palo Alto, CA
Quantexa raises $175M led by Teachers' Venture Growth
Data / AI / Machine Learning • Series F • London, UK
Peregrine Technologies raises $190M led by Sequoia Capital
Data / AI / Machine Learning • Series C • San Francisco, CA
Anthropic raises $3.5B led by Lightspeed Venture Partners
Data / AI / Machine Learning • Series E • San Francisco, CA
DoubleVerify acquires Rockerbox for $85M
Sales / Marketing • Acquisition • New York, NY
Jamf acquires Identity Automation for $215M
Risk / Security • Acquisition • Houston, TX
CoreWeave acquires Weights & Biases for $1.7B
Data / AI / Machine Learning • Acquisition • San Francisco, CA
BlackRock acquires Preqin for $3.3B
Data / AI / Machine Learning • Acquisition • London, UK