CoreWeave Sets IPO at $40, Below Expected Range

In a surprising move, cloud computing startup CoreWeave has announced its initial public offering (IPO) at $40 per share, a figure significantly lower than the anticipated range of $47 to $55. This adjustment comes alongside a reduction in the offering size from 49 million to 37.5 million shares.

Strategic Investments and Valuations

Despite the lower pricing, the IPO successfully raised $1.5 billion, placing the company's valuation at approximately $19 billion. CoreWeave's shares are scheduled to commence trading on the Nasdaq under the ticker symbol "CRWV" starting Friday.

Nvidia and OpenAI: Key Players in CoreWeave's Journey

Nvidia, one of CoreWeave's largest shareholders, has reportedly made a $250 million order at the offering price. Additionally, CoreWeave recently inked a significant five-year agreement with OpenAI, valued at up to $11.9 billion, which includes a $350 million equity investment from the AI powerhouse.