Shares of CoreWeave (CRWV) commenced trading at $39 each during the company’s Nasdaq introduction on Friday afternoon, slightly below the price set in its initial public offering (IPO) that concluded the previous evening.
The cloud computing enterprise offered around 37.5 million shares at $40 apiece, generating approximately $1.5 billion from its IPO, marking the largest tech launch since 2021. The company had initially aimed for a price range of $47 to $55 per share but ended up with a lower valuation.
Nvidia, one of the company’s early backers, made a substantial investment with a $250 million order in the offering.
Analysts had raised concerns that the stock’s launch might not meet optimistic projections. For instance, a technology columnist noted that the firm’s significant debt, heavy reliance on a small number of major clients, and limited revenue diversification could pose challenges.
“CoreWeave is likely to serve as an indicator for the AI sector broadly — a stock to keep an eye on as debates over return on investment intensify,” the columnist emphasized in an opinion piece on Friday. “Even the slightest hint of instability regarding AI can trigger widespread investor anxiety.”
The prevailing cautious sentiment, influenced by the general macroeconomic climate in the U.S. — particularly due to recent tariffs implemented by the former president that led to a downturn in tech stock values — may have also impacted CoreWeave’s IPO performance.