CoreWeave, the artificial intelligence (AI) start-up company that has received substantial backing from chipmaker Nvidia (NVDA), has set the

CoreWeave is targeting a valuation of up to $32 billion on a fully diluted basis in its U.S. initial public offering, as the Nvidia -backed startup bets on strong demand for generative artificial intelligence.

The offering is expected to be a key test of appetite for AI-focused companies after the launch of Chinese startup DeepSeek's low-cost model and an analyst report Microsoft had cut back on data-center leases tempered the once red-hot demand.