CoreWeave Shares Begin Trading at $39 After Pricing IPO at $40

CoreWeave Makes Nasdaq Debut, Opens at $39 Following Trimmed IPO Expectations

CoreWeave (CRWV) shares began trading on Nasdaq Friday, opening at $39 — just below its $40 IPO pricing and signaling a cautious investor response to what was expected to be a blockbuster tech debut.

The cloud infrastructure company, specializing in AI and high-performance computing, raised approximately $1.5 billion after selling 37.5 million shares. Though a strong capital raise, it came in lower than anticipated. The company had initially aimed to price shares between $47 and $55, indicating a more ambitious valuation that ultimately didn’t materialize in the current market environment.

Among notable investors was Nvidia, one of CoreWeave’s earliest and most prominent backers, which took part in the IPO with a $250 million allocation.

Despite CoreWeave’s central role in powering AI applications, skepticism lingered. Commentators like Bloomberg’s Dave Lee pointed to red flags such as high leverage, revenue dependence on a small client base, and limited business diversification.

“CoreWeave is shaping up to be a litmus test for investor confidence in AI infrastructure,” Lee wrote. “Any cracks in belief around the profitability of AI could shake this market hard.”

Broader macro conditions also may have played a role in the tempered debut. Recent U.S. tariffs under President Donald Trump have sparked volatility and pulled capital away from riskier tech bets, contributing to a sector-wide cooldown just as CoreWeave entered public markets.

With expectations high and scrutiny even higher, CoreWeave now faces the task of proving its long-term value in a climate of rising investor discernment.