CoreWeave goes public with a $40 share price, raising $1.5 billion.
Artificial intelligence leader Nvidia is planning a $250 million contract, according to Bloomberg.
Posted by Helen Brown | Edited by: Nikhilesh De Updated: March 28, 2025 16:42 UTC Published: March 28, 2025 12:08 UTC
Important facts:
- CoreWeave has scaled back its IPO, raising $1.5 billion at a $23 billion valuation amid stock market volatility.
- Nvidia placed a $250 million order as part of the offering, boosting its stake in the AI-powered cloud services company.
- CoreWeave has close ties to the cryptocurrency sector thanks to its multi-billion dollar deal with Bitcoin miner CoreScientific.
Artificial intelligence company CoreWeave raised $1.5 billion in its initial public offering (IPO), valuing itself at about $23 billion, Bloomberg reported, confirming earlier reports that the IPO was being scaled back.
The cloud services provider sold 37.5 million shares at $40 apiece. It had originally planned to sell 49 million shares at a price of $47 to $55, but stock market volatility created difficulties for the company.
The company initially sought to raise $4 billion at a $35 billion valuation, reporting revenue of $1.9 billion last year but posting a net loss of nearly $900 million.
As Bloomberg reports, citing an informed source, the world's largest artificial intelligence company Nvidia, which is an investor in CoreWeave, is preparing an IPO, allocating $250 million for it.
CoreWeave has close ties to Bitcoin miner CoreScientific, which has entered into a multi-billion dollar deal with the New Jersey company to expand its artificial intelligence capabilities.
Nvidia's stock price is down 12% year to date, reflecting overall weakness in AI companies, according to data from The Information on Thursday evening.
UPDATE (March 28, 2025, 00:20 UTC): New data added.
