CoreWeave Lowers IPO Expectations, Trims Valuation Before Market Debut
CoreWeave, a major AI infrastructure provider, has revised its IPO plans just ahead of its stock market entry, significantly cutting both its valuation and fundraising target, according to Semafor.
Initially set to raise $3 billion at a $30 billion valuation, the company has now reduced its valuation to $23 billion and is seeking only $1.5 billion in funding, Bloomberg reported.
CoreWeave has a strong partnership with bitcoin mining company Core Scientific (CORZ), which was expected to benefit from a successful IPO and long-term revenue growth. While CORZ saw slight gains in early U.S. trading, its stock remains down sharply over the past month and for 2025 as a whole. Meanwhile, AI-related cryptocurrencies, including NEAR, ICP, and RENDER, extended their recent losses.
Despite generating $1.9 billion in revenue in 2024 due to surging AI demand, some analysts believe CoreWeave’s recently signed $12 billion deal with AI leader OpenAI could have a more significant impact on the company’s future than its IPO.
The tech sector has lagged behind other industries this year, partially due to fluctuating tariffs imposed by U.S. President Donald Trump and growing concerns about excessive AI-related spending.
CoreWeave is scheduled to list on the Nasdaq this Friday, making it the first AI company to go public. A company representative could not be reached for comment at the time of publication.
