CoreWeave, the AI cloud startup preparing for an IPO, denied claims of contract cancellations with Microsoft on Thursday, following a Financial Times report suggesting that Microsoft had moved away from some agreements with the company.
A CoreWeave spokesperson emphasized in a statement to Reuters that there had been “no contract cancellations or walking away from commitments” and labeled the Financial Times’ claims as “false and misleading.” Despite the report, which cited sources indicating that Microsoft had withdrawn from some deals due to delivery issues and missed deadlines, it also noted that Microsoft continued to maintain some ongoing contracts with CoreWeave, highlighting the continued importance of their partnership.
Microsoft, however, declined to comment on the matter.
In 2024, Microsoft accounted for 62% of CoreWeave’s revenue, or approximately $1.2 billion, as per a company filing. CoreWeave had previously warned that any significant changes in its relationship with Microsoft could negatively impact its business, given the critical role the tech giant plays as a customer.
Founded in 2017 and backed by Nvidia, CoreWeave provides AI workloads and high-performance cloud infrastructure, competing with major cloud providers such as Microsoft’s Azure and Amazon’s AWS. The company has been preparing for an IPO, targeting a valuation of over $35 billion, with plans to raise more than $3 billion in the upcoming share sale.