Nvidia-backed artificial intelligence startup CoreWeave has inked a five-year, $11.9 billion deal with OpenAI ahead of its eagerly awaited stock market debut. TakeAway Points: CoreWeave will privately place $350 million worth of shares in OpenAI.

CoreWeave, an artificial intelligence startup backed by Nvidia , has signed a five-year contract worth $11.9 billion with OpenAI ahead of its hotly anticipated stock market launch.

In a grandmaster-level chess move, OpenAI has signed a five-year, $11.9 billion agreement with the GPU-heavy cloud service provider CoreWeave, which