Cloud computing provider CoreWeave has signed a $12 billion deal with OpenAI. This opportunity allows the company to offset its losses incurred before the Microsoft IPO. After the partnership with Microsoft fell through, CoreWeave received support from OpenAI. OpenAI signed a deal close to $12 billion with CoreWeave. This agreement provided significant support to CoreWeave ahead of their planned IPO next month. CoreWeave will provide computing power to train and run OpenAI’s artificial intelligence models. Both companies signed a five-year agreement for this purpose. With the $12 billion contract from OpenAI, the company is aiming to fill the gap left by Microsoft. The cloud computing provider anticipated boosting its valuation to over $35 billion with a $4 billion target. However, their plans were disrupted by news from Microsoft last week. Due to delivery issues and missed deadlines, Microsoft pulled out of some agreements. Microsoft was supposed to spend over $10 billion on CoreWeave services within five contracts until 2030, representing 62% of the cloud system provider’s revenue.