CoreWeave has reportedly scored a major five-year cloud contract with OpenAI, to the tune of $11.9 billion, as the startup prepares for its IPO later this year.

CoreWeave is expected to go public later in 2025, but Reuters is reporting that the company has signed a critical deal with OpenAI that will see it provide infrastructure for the AI firm. In exchange, OpenAI will receive a stake in CoreWeave worth some $350 million.

“CoreWeave is an important addition to OpenAI’s infrastructure portfolio, complementing our commercial deals with Microsoft and Oracle, and our joint venture with SoftBank on Stargate,” said Sam Altman, CEO of OpenAI.

As Reuters points out, the market is closely watching the CoreWeave IPO, since it will likely serve as a barometer for the AI industry and could open the door for other AI startups to go public as well.