Today is the initial public offering for one of the most anticipated stock market listings of the year. It’s the day when shares in AI infrastructure company CoreWeave, Inc. will begin trading. However, the company’s public listing isn’t without some last-minute surprises. Here’s what you need to know about CoreWeave’s IPO.
What is CoreWeave, Inc.?
CoreWeave, Inc. hasn’t always been known by its current name. The company was originally founded in 2017 as Atlantic Crypto. As its original name suggests, the company operated in the cryptocurrency industry and focused on crypto mining infrastructure using graphics processing units (GPUs), notes CNBC. However, in 2019, the company pivoted and began offering its powerful GPU resources to companies working in the burgeoning AI space.
Today, CoreWeave’s main business is in providing AI infrastructure to AI companies. It operates data centers across the country that are full of powerful GPUs—mainly from Nvidia—and offers the power of those GPUs out to companies over the cloud. In other words, CoreWeave provides the AI hardware infrastructure that AI software companies need.
CoreWeave was founded by Mike Intrator, Brian Venturo, and Brannin McBee and is based in Livingston, New Jersey.
CoreWeave lowers its IPO price
CoreWeave’s IPO has been one of the most anticipated of 2025. Not only will it act as a sort of bellwether for tech IPOs in the coming year, but some feel the market’s reaction to its public offering could help signal how investors are feeling about a shaky stock market landscape that has been rattled in recent months by President Trump’s unending string of tariffs.
However, a last-minute change to CoreWeave’s IPO price may suggest investor confidence in the IPO market—and the markets in general—is not as high as some would like. When CoreWeave originally filed its Form S-1 prospectus with the Securities and Exchange Commission, the company said it expected its IPO share price to be between $47 and $55 per share.
However, Reuters reported yesterday that CoreWeave had decided to lower the price of its IPO shares from the $47 to $55 range to just $40 apiece. That reporting turned out to be correct, as CoreWeave confirmed soon after in a press release that its IPO share price would be $40.
“The business model doesn’t appear fundamentally flawed, but this suggests investors are recalibrating AI infrastructure valuations,” noted IPOX research analyst Lukas Muehlbauer.
CoreWeave by the numbers
According to the company’s second amendment of its Form S-1 dated March 20, 2025, CoreWeave has the following metrics as of December 31, 2024:
- 2024 revenue of $1.9 billion.
- 2024 net loss of $0.9 billion.
- 2024 revenue growth of 737% over the year-earlier.
- 2024 operating income margin of 17%.
- More than 250,000 GPUs online.
- 32 data centers.
On March 10, CoreWeave announced a deal with ChatGPT maker OpenAI to provide AI infrastructure to the company.
In its S-1 filing, CoreWeave listed several growth opportunities that it believes it has. This includes continuing to acquire more workloads from its existing customers, expanding internationally, and acquiring new customers in new industries, including banks, high-frequency trading, and pharmaceutical companies.
When is CoreWeave’s IPO?
CoreWeave’s initial public offering is today, Friday, March 28, 2025.
What is CoreWeave’s stock ticker?
CoreWeave’s stock ticker is “CRWV.”
What market will CoreWeave shares trade on?
CoreWeave shares will trade on the Nasdaq Global Select Market.
What is the IPO share price of CRWV?
CoreWeave’s IPO share price is $40 per share.
How many CRWV shares are available in its IPO?
There are 37.5 million Class A common shares available in CoreWeave’s public offering. However, not all those shares are offered by the company itself. Of the 37.5 million shares, CoreWeave is selling 36,590,000 of them. The remaining 910,000 shares are sold by CoreWeave’s existing shareholders.
How much will CoreWeave raise in its IPO?
CoreWeave will only receive the profits from the 36,590,000 it sells. That means CoreWeave potentially raised more than $1.46 billion in its IPO.
What is CoreWeave’s valuation?
At its $40 per share IPO price, CoreWeave has a fully diluted valuation of around $23 billion, according to Reuters.
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