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 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 ) declined to comment on the report.

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 the

company's 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 previously reported.