CoreWeave (CRWV) saw its shares open at $39 per share on Nasdaq during its debut on Friday afternoon, slightly below the closing price of its initial public offering on Thursday evening.
The cloud computing company sold approximately 37.5 million shares at $40 each, raising about $1.5 billion for its IPO, making it the largest tech offering since 2021. Initially, CoreWeave had planned to offer the shares at a higher price range of $47 to $55 each.
Nvidia, an early investor in CoreWeave, placed a $250 million order during the offering.
Some experts had doubts about the success of CoreWeave’s stock debut. Bloomberg Opinion US technology columnist Dave Lee highlighted concerns about the company’s high debt, dependence on a few major customers, and lack of revenue diversification.
Lee wrote in an op-ed on Friday, “CoreWeave is poised to be a key player in the AI industry, and its performance will be closely watched as doubts about ROI in AI technology increase. Any sign of uncertainty in the AI sector could significantly impact investor confidence.”
The current risk-off environment in the U.S., largely influenced by recent tariffs imposed by President Donald Trump, has led to a sell-off in tech stocks, which may have affected CoreWeave’s IPO as well.
