CoreWeave, a new star in cloud computing, is expected to go public in the US next year, with a valuation of over $35 billion.

CoreWeave, an AI cloud platform, is planning to go public in the second quarter of next year in the US, according to reports, with a valuation of more than $35bn. The company, headquartered in Roseland, New Jersey, is planning to raise more than $3bn in the IPO, sources said.

Founded in 2017 as a cryptocurrency mining company, CoreWeave has attracted investors including Nvidia (NVDA.US), Magnetar Capital, Coatue Management, Jane Street, JPMorgan Asset Management and Fidelity, according to reports.

CoreWeave is building data centres based on Nvidia chips to meet the global demand for AI computing power. Last month, it completed a $650m credit financing, valuing the company at $23bn.