CoreWeave’s IPO was boosted by AI chipmaker Nvidia’s $250 million order|@CoreWeave|X
Nvidia-backed AI cloud service provider CoreWeave reportedly raised $1.5 billion in its initial public offering (IPO) on Thursday, valuing the company at $23 billion. It is one of the biggest US tech offerings since 2021.
The company looked to sell 37.5 million shares at less than $40 per share. It is boosted by chipmaker Nvidia’s $250 million order.
New Jersey-based CoreWeave started as a crypto-mining firm and has expanded to cloud computing. It reported $1.9 billion in revenue in 2024 but holds around $8 billion in debt from its infrastructure ventures. Last year, it operated at a loss of nearly $900 million.
The IPO offering is lower than CoreWeave’s initial aim of 49 million shares. The firm initially sought to raise $4 billion at a $35 billion valuation but later lowered its goal. The move reflects waning investor interest in money-guzzling AI ventures that are yet to provide significant profits.