AI hyperscaler CoreWeave raised $1.5 billion in a below-target initial public offering, Bloomberg reported Thursday, citing an anonymous source with knowledge of the matter.
The New Jersey-based company sold 37.5 million shares at $40 each, which is a decrease from its previous plan to offer 49 million shares at $47 to $55 per piece, according to Bloomberg. This could have potentially raised $2.69 billion for the company.
CoreWeave previously eyed an even higher target of raising $4 billion at a $35 billion valuation via the IPO. The company's current valuation is estimated at around $23 billion on a fully diluted basis, Bloomberg said.
The company's target was lowered following worsened volatility and overall decline in the stock market, the report said.
Nvidia, a chip maker and an existing investor in CoreWeave, purchased $250 million worth of shares in the IPO, according to the report.
CoreWeave's shares are scheduled to go live on the Nasdaq on Friday under the ticker CRWV.
Founded in 2017, CoreWeave started out as a crypto mining company focused on mining ether but shifted its focus to AI since Ethereum's transition from a proof-of-work to a proof-of-stake network in 2022.
CoreWeave also shares a 12-year deal with CoreScientific, during which the bitcoin miner's existing sites would be used to accommodate CoreWeave's AI operations.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
