CoreWeave, a rising force in AI cloud computing, has made its Wall Street debut, raising $1.5 billion in its initial public offering. The company priced 37.5 million shares at $40 apiece, landing a valuation around $23 billion, Bloomberg reported.
The IPO marks a significant milestone for the New Jersey-based firm, but it comes after a strategic pullback. CoreWeave initially aimed to raise $4 billion by selling 49 million shares in the $47–$55 range. Market turbulence and waning enthusiasm for tech IPOs prompted a more modest rollout.
Despite generating $1.9 billion in revenue last year, CoreWeave is still operating at a loss, posting a net deficit of nearly $900 million.
Tech titan Nvidia, already an investor in CoreWeave, is playing a key role in the offering with a $250 million order, signaling continued confidence in the AI infrastructure space.
The company also maintains a close alliance with bitcoin miner CoreScientific, with whom it struck a multi-billion-dollar deal to bolster AI capabilities.
Meanwhile, Nvidia has seen its own shares drop 12% since the start of 2025, mirroring the broader cooling trend in AI-focused equities, according to The Information.
