CoreWeave cools its jets, downsizing IPO as investor heat fades

CoreWeave has pared back the scope of its initial public offering amid growing investor uncertainty in an overheating AI marketplace and risks posed by the GPU cloud specialist's exposure to a small number of customers.

According to CoreWeave, pricing for its stock will be $40 per share, rather than the widely expected range of $47 to $55 per share, when it begins trading on the Nasdaq Global Select Market today under the ticker symbol "CRWV."

The New Jersey-based biz is putting up about 37.5 million shares and expects to raise $1.5 billion, instead of an initial plan of 49 million shares, which would have netted somewhere around $2.7 billion.

It is understood CoreWeave was originally hoping to see $4 billion raised from its public offering.

CoreWeave is one of a new breed of cloud providers that focuses on GPU-based server infrastructure and services to support the ...