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Takeaways from the Key Takeaways
- CoreWeave shares, a cloud computing firm backed by Nvidia and a $1.5 billion IPO, closed their first trading session at the IPO price.
- CoreWeave shares, now listed on Nasdaq as CRWV under the ticker CRWV opened Friday at $39 per share, below the $40 IPO price.
- The IPO was the largest in the U.S. since the $1.75 billion listing by LNG exporter Venture Global in January, according to Dealogic.
CoreWeave’s (CRWV), a cloud-computing company backed by Nvidia, (NVDA), saw its market debut end flat after a $1.5 billion IPO that was priced below the expected range.
CoreWeave shares opened Friday at $39 each. It closed the day at $40 – its IPO price – trading as high as $42 and low as $37.50.
The company's IPO pricing lagged the expected range of $47 to $55 per share. CoreWeave, which makes money by providing its clients with access to data centers, had also cut the deal's size, selling 37.5 million shares, fewer than the 49 million previously anticipated.
Data centers are used for the development of artificial intelligence models. The company, which depends on Microsoft (MSFT), for a large part of its sales, is also dependent on Nvidia chips.
The IPO was the largest by a tech firm in the U.S. since the $5.2 billion offering by chip designer Arm Holdings (ARM) in September 2023, according to Dealogic, and the largest in the U.S. since the $1.75 billion listing by LNG exporter Venture Global in January.
CoreWeave, founded in 2017, began as a crypto-miner before pivoting towards selling cloud infrastructure.
This article was updated to reflect new trading data since its original publication.
