(Reuters) - Microsoft ( MSFT ) has moved away from some of its agreements with cloud computing provider CoreWeave over delivery issues and missed deadlines, the Financial Times reported on Thursday citing unnamed sources.

Microsoft ( MSFT ) has a number of ongoing contracts with CoreWeave that provide it with computing capacity from data centres, a partnership which is worth billions of dollars, the newspaper said.

Founded in 2017, CoreWeave provides access to data centers and high-powered chips for AI workloads, mainly supplied by Nvidia ( NVDA ).

The Nvidia ( NVDA )-backed company, which competes against cloud providers such as Microsoft's ( MSFT ) Azure and Amazon's AWS, has laid groundwork for what could be one of the biggest IPOs in recent times.

CoreWeave is seeking a valuation greater than $35 billion in its New York flotation and is likely to target raising more than $3 billion from its share sale, Reuters has reported.

Microsoft's ( MSFT ) decision to walk away from some business with the cloud technology provider is unrelated to a broader shift in its own data centre plans, FT said, citing one of the people close to the matter.

CoreWeave, Microsoft ( MSFT ) and Nvidia ( NVDA ) did not immediately respond to Reuters' request for a comment.

On Tuesday, CoreWeave acquired AI developer platform Weights & Biases for an undisclosed amount in a bid to extend its cloud platform offering.

(Reporting by Angela Christy in Bengaluru; Editing by Mrigank Dhaniwala)