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Nvidia-Backed CoreWeave Prices Its IPO Low. 7 Things to Know About CRWV Stock Now.
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All eyes are on CoreWeave (CRWV) on Friday, March 28 after the Nvidia (NVDA)-backed artificial intelligence startup priced its initial public offering (IPO) at $40 per share.
CoreWeave had originally planned on selling shares for at least $47. However, its downsized IPO that raised a total of $1.5 billion is still the largest tech offering in the U.S. since 2021.
The AI stock will start trading on Nasdaq as “CRWV” on Friday. Here are the top 7 things you should know about CRWV stock following its Nasdaq debut.
7 Things You Should Know About CoreWeave Stock
- CoreWeave counts Nvidia among its largest shareholders. The AI darling participated in its IPO with a fresh investment of about $250 million.
- The downsized initial public offering tagged a valuation of about $20 billion to CoreWeave, effectively making it a large-cap tech name right off the bat.
- CoreWeave is a fast-growing artificial intelligence company, having achieved a remarkable 700% growth in revenue to $1.92 billion in 2024.
- The AI startup generates about 62% of its revenue from Microsoft (MSFT) – its largest client. This dependency, however, raises concerns about its long-term stability.
- CoreWeave plans on using IPO proceeds for expansion and debt repayment. About 32% of its cash flow is allocated to servicing the $8 billion debt on its balance sheet.
- CRWV operates in the super competitive AI cloud infrastructure industry, going up against rivals like International Business Machines (IBM), Google (GOOGL), and Amazon (AMZN).
- CoreWeave was founded as an Ethereum (ETHUSD)-focused crypto miner in 2017. It starting pivoting to artificial intelligence in 2019 and closed its mining business entirely in 2022.
Why Did CoreWeave Downsize Its IPO?
CoreWeave had to adjust its IPO price due to macroeconomic headwinds, including fears of an AI bubble, according to Mike Intrator, its chief executive.
“We had to scale or rightsize the transaction for where the buying interest was,” he told CNBC in an interview on Friday.
Intrator is convinced that CRWV will achieve new levels of success “as the public markets get to know us and the incredible capacity of our solutions.”
On the date of publication, Wajeeh Khan did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.