CoreWeave, the Nvidia-backed startup cloud provider that is preparing one of the most anticipated initial public offerings of the year, grew revenue exponentially while pouring cash into capital expenditures last year, two people familiar with the matter said.

The company is expected to publish its IPO prospectus this week and go public this month. CoreWeave generated about $1.9 billion in revenue in 2024, the people said. That is eight times more sales than the previous year, according to the company's financial records. At the same time, capital expenditures nearly tripled, to more than $8.5 billion, from the previous year.