AsianFin -- Cloud-computing provider CoreWeave has raised $1.5 billion in its initial public offering (IPO) after selling 37.5 million shares at $40 each, according to a source familiar with the matter.
This is significantly lower than its original plan to sell 49 million shares at a price range of $47 to $55, which could have raised up to $2.7 billion.
Nvidia Corp., a key investor in CoreWeave, is supporting the IPO with a $250 million share purchase, the source added. Representatives for CoreWeave and Nvidia declined to comment.
Based in Livingston, New Jersey, CoreWeave initially aimed to raise around $4 billion and achieve a valuation exceeding $35 billion. However, market volatility and a broader stock market downturn led to a scaled-back offering. At the revised IPO price, CoreWeave is valued at approximately $23 billion on a fully diluted basis.
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