March 6 (Reuters) - IPO-bound AI cloud startup CoreWeave

said on Thursday it had not seen any contract cancellations

after the Financial Times reported that the company's largest

customer Microsoft ( MSFT ) had moved away from some agreements.

"We pride ourselves in our client partnerships and there

have been no contract cancellations or walking away from

commitments. Any claim to the contrary is false and misleading,"

a CoreWeave spokesperson told Reuters in an emailed statement.

The FT had reported, citing sources, that Microsoft ( MSFT ) withdrew

from some of its agreements with CoreWeave over delivery issues

and missed deadlines. However, the report also said that

Microsoft ( MSFT ) retained a number of ongoing contracts with CoreWeave

and it remained an important partner.

Microsoft ( MSFT ) did not respond to a Reuters request for comment.

The agreement with Microsoft ( MSFT ) accounted for 62% of

CoreWeave's revenue, or $1.2 billion in total, in 2024,

according to a company filing.

The startup had warned that any negative changes in

demand from Microsoft ( MSFT ) or a shift in company' relationship with

Microsoft ( MSFT ) would adversely affect its business.

Founded in 2017, Nvidia ( NVDA )-backed CoreWeave provides access to

data centers and high-powered chips for AI workloads and

competes against cloud providers such as Microsoft's ( MSFT ) Azure and

Amazon's ( AMZN ) AWS.

CoreWeave has been laying the groundwork for a New York

flotation at a valuation of over $35 billion, in what could be

one of the biggest IPOs in recent times. It is also likely

targeting to raise over $3 billion from its share sale, Reuters

has previously reported.