• Nvidia-backed firm seeks over $35 billion valuation in IPO

• Market has boosted recently-listed companies with AI ties

Cloud computing provider CoreWeave is considering filing publicly for an initial public offering in the US within a week, according to people familiar with the situation.

The company, one of the hottest startups in artificial intelligence, is looking to raise about $4 billion from the listing, the people said, asking not to be identified discussing a private matter. CoreWeave is expected to target a valuation greater than $35 billion, the people said.

Details of the IPO plan could still change and the timing of the filing may be delayed, the people said. A representative for CoreWeave didn’t immediately respond to requests for comment.

The company has drawn backing from tech giants including Cisco Systems Inc., which agreed to invest in CoreWeave as part of a transaction valuing it at $23 billion, Bloomberg News reported in October. Its investors include Nvidia Corp., Magnetar Capital, Coatue Management, Jane Street, Fidelity Management & Research and Lykos Global Management.

The cloud computing infrastructure firm was an early adopter of Nvidia’s graphics chips for data centers, getting ahead of a wave of demand for powerful processors to run AI applications. It’s building out data centers based on Nvidia’s chips to offer AI-related computing.

CoreWeave tapped Morgan Stanley, Goldman Sachs Group Inc. and JPMorgan Chase & Co. to lead its IPO, Bloomberg News reported in November.

The company’s path to the public market has been closely followed as investors clamor for sizable listings from companies including Klarna Group Plc and Genesys Cloud Services Inc., which are expected to list as soon as in the coming months. Many of the top performing US debutants over the past two years have benefited from the excitement surrounding AI.

CoreWeave closed a $650 million credit facility led by JPMorgan, Goldman Sachs and Morgan Stanley, according to a statement in October.