CoreWeave Slashes Valuation to $23B in Potential Blow to the Crypto Industry

CoreWeave Slashes IPO Size and Valuation Ahead of Market Debut

CoreWeave, an AI infrastructure firm, is making last-minute adjustments to its initial public offering (IPO), significantly reducing both its expected valuation and the amount it plans to raise, according to a report from Semafor.

Originally projected to raise $3 billion at a $30 billion valuation, CoreWeave has now cut its IPO target, bringing its valuation down to $23 billion. A separate Bloomberg report indicates that the company is now aiming to raise only $1.5 billion through the offering.

CoreWeave maintains a close relationship with bitcoin miner Core Scientific (CORZ), which was expected to benefit from the IPO’s success and future revenue growth. In early U.S. trading, CORZ showed slight gains but remains down sharply over the past month and for 2025 as a whole. Meanwhile, AI-related cryptocurrencies, including NEAR, ICP, and RENDER, continued to extend their losses.

Despite posting $1.9 billion in revenue in 2024 due to surging AI demand, some analysts believe CoreWeave’s newly inked $12 billion deal with AI powerhouse OpenAI may have a more profound impact on its future than the IPO itself.

The pullback comes at a time when tech stocks have underperformed relative to other market sectors, partly due to fluctuating tariffs under U.S. President Donald Trump and growing concerns over AI firms’ spending habits.

CoreWeave is set to make its public debut on the Nasdaq this Friday, marking the first AI company to launch on the stock exchange. A company representative was unavailable for comment at the time of publication.