CoreWeave Makes Nasdaq Debut at $39, Slightly Below IPO Price in Tepid Market Debut
Cloud computing firm CoreWeave (CRWV) began trading on Nasdaq Friday afternoon, opening at $39 per share — a modest start that came in just under its IPO pricing of $40 per share.
Despite raising approximately $1.5 billion through the sale of 37.5 million shares, the company’s IPO landed on the lower end of expectations. Originally targeting a valuation between $47 and $55 per share, CoreWeave ultimately settled for less amid broader market uncertainty.
The listing marks the largest U.S. tech IPO since 2021, highlighting the significance of CoreWeave’s entry into public markets at a time when artificial intelligence remains a key investor theme. Notably, Nvidia — a strategic early backer — invested $250 million as part of the IPO, underscoring continued confidence in the company’s infrastructure role within the AI ecosystem.
However, industry observers remain cautious. Commentators, including Bloomberg’s Dave Lee, have cited concerns about CoreWeave’s concentration risk, debt profile, and narrow revenue base. Lee noted the stock could become a proxy for broader sentiment in the AI sector, stating, “The slightest doubt about AI’s long-term profitability can shake investor conviction.”
Geopolitical and macroeconomic tensions are also weighing on the market. Recent tariffs implemented by President Donald Trump have triggered a selloff across U.S. tech equities, likely impacting investor appetite for new listings like CoreWeave.
Though the debut fell short of initial targets, the successful capital raise positions CoreWeave to expand its AI cloud capabilities — but sustained performance will now be key to winning over Wall Street in the quarters ahead.
