The deal will give OpenAI a stake in CoreWeave, which will issue shares worth $350 million through a private placement at the time of its IPO.

CoreWeave signed a five-year, $11.9 billion deal to provide AI infrastructure to OpenAI and will receive $350 million in CoreWeave shares.

The OpenAI deal follows CoreWeave's $1.7 billion bid for AI platform Weights & Biases days earlier as it plans to go public this year.