Microsoft 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.O).
The Nvidia-backed company, which competes against cloud providers such as Microsoft's Azure and Amazon's (AMZN.O) 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 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 and Nvidia 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.
