Venture capitalists have a concept they call the ‘power law’ — the idea that the bulk of returns in a portfolio comes from just a few investments. CoreWeave, a US data-centre operator that has filed for an initial public offering, offers a new variation on this theme.
CoreWeave provides computing capacity for companies who want to train and use artificial intelligence. Simply put, it rents out Nvidia microchips, and lots of them. CoreWeave’s 250,000-plus processors in 32 data centres are more than double what Elon Musk’s supercomputer, Colossus, had at the end of 2024. Demand is brisk: by the end of last year, revenue was growing at an annualised 170 per cent.
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