CoreWeave has firmly rejected reports suggesting that Microsoft has scaled back its commitments to the AI cloud provider ahead of its anticipated Initial Public Offering (IPO). Earlier reports claimed Microsoft withdrew certain agreements due to delivery issues and missed deadlines, but CoreWeave insists that all commitments remain in place.

“We pride ourselves on our client partnerships, and no contract cancellations or withdrawals have taken place,” a CoreWeave spokesperson stated. “Any claim to the contrary is false and misleading.”

The company, now preparing for its IPO, revealed in a filing with the Securities and Exchange Commission (SEC) that a significant portion of its revenue depends on a small number of major customers.

Microsoft stands as its largest client, contributing 62% of CoreWeave’s revenue in 2024. The filing also disclosed that CoreWeave has $15.1 billion in outstanding performance obligations, reflecting contractual agreements for GPU instance capacity in its data centers.

Although Microsoft assures everyone that things are okay, some experts think Microsoft might change its AI technology strategy. They believe Microsoft could start building its own AI data centers instead of using cloud services from other companies. This idea is part of a larger trend where big companies think about managing their own data centers to save money.

Adding to these thoughts, Microsoft recently stopped plans for about 200 megawatts of AI data center space. A report from TD Cowen, a brokerage firm, suggested Microsoft might have rented more space than they needed at first, leading to changes in their plans. However, Microsoft said they are still growing and expanding.

“While we may strategically pace or adjust our infrastructure in some areas, we will continue to grow strongly in all regions,” the company stated. “Our plan to invest over $80 billion in cloud infrastructure this financial year remains on track as we continue expanding at a record pace to meet customer demand.”

As CoreWeave moves toward its IPO, industry experts are closely watching the evolving relationship between cloud providers and AI companies. Although Microsoft assures everyone that things are okay, some experts think Microsoft might change its AI technology strategy. They believe Microsoft could start building its own AI data centers instead of using cloud services from other companies. This idea is part of a larger trend where big companies think about managing their own data centers to save money.

Adding to these thoughts, Microsoft recently stopped plans for about 200 megawatts of AI data center space. A report from TD Cowen, a brokerage firm, suggested Microsoft might have rented more space than they needed at first, leading to changes in their plans. However, Microsoft said they are still growing and expanding.