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CoreWeave Goes Public at $40 Per Share, Raises $1.5 Billion
AI powerhouse Nvidia aims to anchor a $250 million order, Bloomberg reported.
What to know:
- CoreWeave cut the size of its IPO, raising $1.5 billion at a $23 billion valuation amid a choppy stock market.
- Nvidia placed a $250 million order in the offering, strengthening its stake in the AI cloud services firm.
- CoreWeave has deep ties to crypto through a multi-billion dollar deal with bitcoin miner CoreScientific.
Artificial intelligence-focused firm CoreWeave raised $1.5 billion for its initial public offering (IPO), valuing the company at roughly $23 billion, Bloomberg reported on Thursday night, confirming earlier reports that it had downsized its IPO.
The cloud provider sold 37.5 million shares at $40 each. It had initially planned to sell 49 million shares at $47 to $55 each, but a weaker-than-expected stock market posed difficulties for the company.
STORY CONTINUES BELOW
The company initially sought to raise $4 billion at a $35 billion valuation, reporting $1.9 billion in revenue last year but still seeing a net loss of nearly $900 million.
AI powerhouse Nvidia, an investor in CoreWeave, is anchoring the IPO with a $250 million order, Bloomberg reported, citing a person familiar with the matter.
CoreWeave is closely tied to bitcoin miner CoreScientific, which struck a multi-billion deal with the New Jersey-based firm to expand its artificial intelligence capabilities.
Nvidia's own stock price is down 12% since the beginning of the year, The Information reported late Thursday, reflecting broader weakness in AI-focused firms.
UPDATE (March 28, 2025, 00:20 UTC): Adds additional detail.
Helene Braun
Helene is a New York-based markets reporter at CoinDesk, covering the latest news from Wall Street, the rise of the spot bitcoin exchange-traded funds and updates on crypto markets. She is a graduate of New York University's business and economic reporting program and has appeared on CBS News, YahooFinance and Nasdaq TradeTalks. She holds BTC and ETH.
