CoreWeave said on Wednesday that it hopes to sell its initial public shares between $47 and $55 per share, putting the money it may raise between about

CoreWeave said on Thursday it was targeting a valuation of up to $26 billion in its U.S. initial public offering, as the Nvidia-backed startup bets on strong demand for generative artificial intelligence.

CoreWeave hosts more than 250,000 Nvidia Corp. graphics cards in 32 data centers worldwide. It’s among the few cloud providers that offer the Blackwell B200, the chipmaker’s latest and most capable AI accelerator. It also provides workstation-grade Nvidia graphics cards optimized for rendering tasks.