CoreWeave has officially launched its IPO, pricing shares at $40 and raising a staggering $1.5 billion. While this marks the biggest tech public offering in the U.S. since 2021, the debut still fell short of Wall Street expectations. Shares begin trading today, March 28, 2025, on the Nasdaq under the ticker symbol CRWV.
Initially, CoreWeave aimed for a share price between $47 and $55, which could have pushed its valuation close to $26.5 billion. But at the final price of $40, the startup’s valuation stands nearer to $19 billion based on its outstanding Class A and B shares. The fully diluted market cap will be higher, but it’s clear the IPO pricing came in below the bullish predictions many had anticipated.
Adding to the last-minute reshuffle, CoreWeave slashed the offering size from 49 million to 37.5 million shares, according to an official company release. Bloomberg was first to confirm the pricing details.
Founders Cash Out Before Public Launch
The IPO follows a flurry of attention around CoreWeave’s leadership. Just weeks prior to listing, founders Mike Intrator, Brian Venturo, and Brannin McBee each cashed out at least $150 million in share sales—drawing plenty of criticism across the tech and investment circles.
Despite the pricing dip, investor interest remains strong. Nvidia, a major backer of CoreWeave, is reportedly set to invest $250 million by purchasing shares at the IPO price—a vote of confidence from one of the world’s AI giants.
Why This IPO Matters for the Tech Industry
CoreWeave’s IPO is more than just a capital-raising event—it could be the spark the stagnant U.S. tech IPO market needs. Since early 2022, inflation and interest rate hikes have kept most venture-backed firms on the sidelines. But CoreWeave’s success in securing over $1 billion in its public debut may change that.
It becomes the first tech IPO since Freshworks in 2021 to cross the billion-dollar mark. Other recent tech IPOs, such as Reddit and Rubrik, each raised around $750 million. Several other companies, including Klarna, Hinge Health, StubHub, and Discord, are rumored or preparing to follow CoreWeave’s lead.
From Crypto Miner to AI Infrastructure Powerhouse
Founded in 2017, CoreWeave originally operated as a cryptocurrency mining company. But following Ethereum’s shift to proof-of-stake in 2022, the firm pivoted to AI infrastructure—a move that dramatically changed its trajectory. Today, CoreWeave specializes in delivering cloud access to Nvidia GPUs, essential for training and running AI models.
The client roster speaks volumes: Microsoft is by far its largest customer, followed by big names like Meta, IBM, and Cohere. In 2024, the company saw revenue soar over 700%, reaching nearly $2 billion. However, profitability remains elusive. CoreWeave posted a net loss of $863 million, underscoring the capital-intensive nature of its AI hardware and data center strategy.
OpenAI Deal Adds More Firepower
In a major win just days before its IPO filing, CoreWeave struck a long-term deal with OpenAI, valued at up to $11.9 billion over five years. As part of that deal, OpenAI is also investing $350 million directly into CoreWeave stock—solidifying a deep partnership that could shape AI infrastructure for years to come.
With these mega-deals and a surging customer base, CoreWeave now finds itself competing with cloud giants like Amazon Web Services, Google Cloud, and Microsoft Azure. It’s an ambitious leap, but the demand for high-performance computing and AI-ready infrastructure is growing fast.
Is the AI Hype Enough?
Despite the buzz, not everyone is convinced the AI boom can sustain this level of momentum. Some market watchers are signaling caution. For instance, Microsoft recently paused some of its planned data center expansions. Others point to a new wave of cost-effective AI models that could shift demand away from premium GPU providers.
As Dan Coatsworth of AJ Bell noted, “Investors may want a discount—or may not show up at all.” That skepticism may explain the tempered pricing, even as interest in CoreWeave remains strong.
Still, with Nvidia and OpenAI in its corner, CoreWeave is betting big on the future of AI infrastructure. If the public markets buy into that vision, its IPO could be the turning point for other tech startups hoping to go public in 2025.
