CoreWeave is planning to scale back its initial public offering just a day before its market launch, as reported by Semafor.
The AI infrastructure company was previously projected to raise $3 billion at a $30 billion valuation, according to sources, but now the offering has been reduced, with a valuation lowered to $23 billion.
A different report from Bloomberg indicates that CoreWeave now aims to raise only $1.5 billion.
CoreWeave has a close relationship with bitcoin miner Core Scientific (CORZ), which was anticipated to benefit from the IPO if it yielded favorable results and sustained strong revenue growth in the upcoming years.
During early trading hours in the U.S., CORZ has seen slight gains, although it has significantly declined over the past month and throughout 2025. Tokens related to AI, such as NEAR, ICP, and RENDER, have also experienced modest additions to their earlier losses.
In 2024, CoreWeave reported $1.9 billion in revenue, driven by increasing demand for AI services. However, some industry watchers believe that CoreWeave’s newly announced $12 billion partnership with AI leader OpenAI may hold greater implications for the company than its IPO.
The decision to pull back comes at a time when technology stocks have struggled relative to other market sectors this year, partly due to fluctuating tariffs imposed by the U.S. government and concerns surrounding AI company expenditures.
CoreWeave is set to make its debut on Nasdaq on Friday, becoming the first AI firm to enter the stock market. At the time of this report, a representative from the company was unavailable for comment.