CoreWeave Launches IPO at $40 Per Share, Raising $1.5 Billion

AI cloud infrastructure company CoreWeave has completed its IPO, raising $1.5 billion and securing a valuation of roughly $23 billion, according to Bloomberg. The company priced 37.5 million shares at $40 each—below its original target range of $47 to $55—following a pullback amid broader market volatility.

The scaled-down offering reflects investor caution in tech and AI sectors, forcing CoreWeave to adjust its initial ambition of raising $4 billion at a $35 billion valuation. Despite generating $1.9 billion in revenue last year, the firm posted a significant net loss of nearly $900 million.

Nvidia, a key backer of CoreWeave and a dominant player in the AI chip space, is anchoring the IPO with a $250 million share purchase, Bloomberg reported, citing sources close to the deal.

CoreWeave maintains close ties with bitcoin miner CoreScientific, with whom it recently entered a multi-billion-dollar agreement aimed at expanding AI capacity.

The IPO comes as Nvidia’s own shares have slid 12% year-to-date, part of a broader cooling-off in AI-driven stocks, according to reporting by The Information.