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.

The latest news comes amid a move toward a potential IPO for the Jersey-born company, which "remain[s] a partner-of-choice to meet the bleeding-edge needs of pioneers to unleash AI’s potential to change the world,

CoreWeave, an artificial intelligence startup backed by Nvidia , has signed a five-year contract worth $11.9 billion with OpenAI ahead of its hotly anticipated stock market launch.